Standard Chartered CEO Eugene Ellis resigns

MANILA, Philippines - Standard Chartered Bank of the Philippines (SCBP) chief executive officer Eugene Ellis has resigned, industry sources said yesterday.

No official statement has been released as of press time but sources said Ellis plans to pursue “personal” matters back in Australia, where he grew up and where his family is presently based.

Ellis reportedly went on leave end August, but recently submitted his resignation papers.

He has been head of the Philippine operations since 2005 replacing Simon Morris, who then was reassigned to Indonesia.

In fact, Ellis’ tour of duty in the Philippines has been extended twice.

In his place, Stuart Hall has reportedly been installed as officer-in-charge (OIC).

Hall was previously stationed in Indonesia, and data gathered by The STAR stated that prior to his new post, he was head of strategic projects of Standard Chartered Bank in the region. He has been with the bank for about 15 years.

The standard operating procedure for SCB is to station expatriates for a three-year tour of duty. In extraordinary situations, it is extended by another year.

“They (regional head office) probably felt he was needed in the Philippines at this difficult economic and financial times,” sources said. “There are no indications that it was anything else but the end of an extended tour of duty.”

SCBP is the oldest foreign bank operating in the Philippines.