Asia-focused British bank Standard Chartered's chief executive will step down in June, the company said today.
This follows poor results, job cuts and fines for failing to detect possible money-laundering.
"Peter Sands will stand down from the Board and as group chief executive in June 2015," the bank said in a statement, adding that he would be replaced by former JP Morgan co-CEO Bill Winters.
The bank also said today that its chairman John Peace will leave next year.
It also named other changes to its board in a massive overhaul in management following a run of problems for the UK bank prompted top shareholders to call for change.
Standard Chartered last month said it would close a swathe of its global equities business and axe 2,000 jobs around the world this year as it tries to make savings of $400m as part of a structural overhaul.
Standard Chartered, which makes 90% of its profits in Asia, the Middle East and Africa, saw its net earnings fall 16% for 2013 as it faced increased competition in Asia and troubles turning around its South Korean unit.
In August US regulators hit it with a $300m fine and restrictions on its dollar-clearing business for failing to detect possible money-laundering.
Winters, 53, is one of the most respected bankers in the industry and has wide experience of investment banking and regulatory issues.
Standard Chartered shares jumped 3% on the news of the appointment.
He will join the Standard Chartered board in May and take over from Sands the following month, and be based in London, where he has lived for the past 22 years.
Winters joined JPMorgan in 1983 as a trainee in New York and moved up the ranks to become co-CEO of its investment bank from 2004 until 2009, when he left following a falling out with chief executive Jamie Dimon.
Winters then became one of five members of a British government commission that analysed how banks could be made structurally safer.
The panel's recommendations that firms should separate their domestic retail banking operations is being implemented.
Investors started calling for change at the top of Standard Chartered last year, citing strategic, governance and operational mistakes, and saying Sands had been slow to address problems and had not gone far enough in cutting costs.
Three of the bank's top 30 investors told Reuters in December that Sands should be replaced in 2015.
Former McKinsey consultant Sands, 53, steered Standard Chartered through the financial crisis, helping it to ten years of record earnings. He has been CEO for eight years.
Some investors have urged Standard Chartered to make wider changes in the board, and the bank said today Jaspal Bindra, CEO of its Asia business, will also leave this year after 16 years with the bank.
It said a further three long standing directors will step down - Ruth Markland, Paul Skinner and Oliver Stocken - and said two new directors will join the board - Gay Huey Evans and Jasmine Whitbread.
