Standard Chartered CFO De Giorgi unexpectedly resigns to join Apollo

By Denise Wee and Ambereen Choudhury

 

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. 

 

He will be replaced by deputy CFO Peter Burrill on an interim basis as the London-based firm seeks a permanent replacement in “due course,” according to a statement.

 

De Giorgi, who joined the bank in September 2023, will take on a role at Apollo Global Management Inc. as a partner and head of Europe, the Middle East and Africa, according to a separate statement from the alternative assets giant. He will succeed longtime partner Rob Seminara. 

 

 

He was seen as one of the candidates to replace Winters, who is the longest-serving CEO of a major UK bank. He previously held senior roles at Bank of America Corp. and Goldman Sachs Group Inc. as well on the board of UniCredit SpA.

 

Simon Cooper, another front-runner to replace Winters abruptly left the emerging markets lender in 2024, as it pushed through a broader management reshuffle to boost returns. 

 

De Giorgi’s departure comes as the bank is in midst of a restructuring program known as ‘Fit for Growth’ that aims to streamline operations and save $1.5 billion. Winters has overhauled the lender in the past few years to focus on Asia growth. 

 

Standard Chartered shares in Hong Kong have risen more than 80% in the past year and its share price is around the highest since 2010. The UK lender last year named Maria Ramos as chair to succeed Jose Vinals.

 

Despite being based in London, Standard Chartered makes most of its income from its operations in Asia, Africa and the Middle East. Its single biggest market is Hong Kong, which is still navigating its rebound after a prolonged period of economic contraction. Standard Chartered also has major operations in Singapore, where its largest investor, Temasek Holdings, is headquartered.

 

As Apollo’s head of EMEA, De Giorgi will oversee a fast-growing region for the firm as it expands credit, equity and hybrid origination, as well as in wealth and retirement solutions.

 

Apollo has approximately $155 billion of assets under management in EMEA and a team of nearly 600 professionals. The firm has been an active investor in Europe and in the last year alone has committed and deployed tens of billions across credit, equity and hybrid investments.