Peter Sands, group finance director of Standard Chartered is to take over the chief executive's role at the FTSE 100 banking giant. The move was triggered by current chief exec Evan Mervyn Davies agreeing to become the group's non-executive chairman after the current incumbent Bryan Sanderson decided to step down.  

Currently enjoying a £1m+ total salary package according to a report compiled by Financial Director, Sands - who joined the company in 2002 - is set for another bumper pay day when he graduates to the top spot. Standard Chartered's most recent annual report showed that the chief exec's base salary was at least a quarter of a million pounds higher than the FD's role.

Richard Meddings, currently group executive director for governance across Africa, Middle East, Pakistan, Europe and the Americas, will take over FD responsibilities.

Rudy Markham, Unilever's CFO, will succeed Hugh Norton as a senior independent director as of 31 December 2006. Markham was appointed to the Board as an independent non-executive director in February 2001 and is also chairman of Standard Chartered's Audit and Risk Committee.

Standard Chartered said in a statement: 'In reaching the decision to request Mervyn Davies to take up the role of chairman, the Board considered the complexity of the international banking environment in which the Group operates, the magnitude of the Group and the diversity of its businesses and people.'

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