Standard Chartered PLC Chief Financial Officer Diego De Giorgi has resigned after around two years in the role, to join Apollo Global Management where he will be partner and head of Europe, the Middle East, and Africa, according to a report by Bloomberg.
The departure comes two weeks before the bank is due to report its full-year results. Deputy CFO Peter Burrill will reportedly assume the position on an interim basis while a permanent replacement is sought. De Giorgi had been viewed as a potential successor to Chief Executive Bill Winters.
Investors reacted negatively to the unexpected departure, with shares falling in early London trading. De Giorgi’s time as CFO had been focused on reorienting the bank towards growth in Asia. Its Fit for Growth restructuring programme is aiming to save $1.5bn.
In the role at Apollo, De Giorgi is expected to oversee the firm’s expanding activity across credit, equity, and hybrid origination, as well as wealth and retirement solutions in the region.
The firm manages about $155bn of assets in EMEA, and has been increasing investment across the region, committing significant capital to credit, equity, and hybrid strategies over the past year.
