StanChart CFO De Giorgi Unexpectedly Resigns to Join Apollo

Standard Chartered Plc Chief Financial Officer Diego De Giorgi, one of the front-runners to eventually replace long-time Chief Executive Officer Bill Winters, unexpectedly resigned after about two years in the role.

The exit — two weeks before the lender is set to report its full-year results — was greeted negatively by investors and analysts, who viewed the departing CFO as one of the drivers behind a cost-cutting program and an effective communicator. The shares were down 4.6% at 8:38 a.m. in London, set for the biggest drop since August. They have risen by 64% in the past year.