Standard Chartered has announced that Mike Rees (aged 59), Deputy Group Chief Executive has made a decision to retire from the Group after 26 years.

He will step down from the Board and his role as Deputy Group Chief Executive on April 30, 2016.

He will not seek re-election as a Group Executive Director at the 2016 AGM in May and will leave the Group on December 31, 2016.

Prior to his retirement, Rees will continue to support Bill Winters, Group Chief Executive, Andy Halford, Group Chief Financial Officer and the Management Team, on a comprehensive programme of actions relating to the Group’s new strategy.

Rees was appointed to the Board of Standard Chartered PLC on 4 August 2009. He is based in London and is Deputy Group Chief Executive.

Rees joined Standard Chartered in 1990 as the Chief Financial Officer for Global Treasury then, in October 1994, he was appointed Regional Treasurer in Singapore, responsible for South East Asia Treasury businesses.

In late 2000, he was appointed Group Head of Global Markets.

In November 2002, he was promoted to the new role of Chief Executive Officer, Wholesale Banking, responsible for all Commercial Banking products in addition to his responsibilities for Global Markets products.

On April 1, 2014, Mike was appointed Deputy Group Chief Executive with responsibility for the combined Wholesale Banking and Consumer Banking businesses.

Sir John Peace, Chairman, Standard Chartered, said: “Mike has made a major contribution to Standard Chartered over the past 26 years, and I would like to particularly thank Mike for his valuable support to the Board and the Management Team in shaping and executing on our new strategy.”