Standard Chartered (02888) announced yesterday that its Chief Financial Officer, Diego De Giorgi, has stepped down with immediate effect. Concurrently, Apollo Global Management, a U.S.-listed alternative asset manager, appointed De Giorgi as its Head of Europe, the Middle East, and Africa. Following the announcement, Standard Chartered's Hong Kong-listed shares fell by as much as 6% during the afternoon session, closing down 1.9%. The bank's London-listed shares declined further, dropping up to 5.7%. According to Goldman Sachs, investor reaction indicates the appointment was unexpected. The report also highlighted that the CFO played a central role in Standard Chartered's recent transformation. Investors are now focusing on potential succession plans for CEO Bill Winters and the company's upcoming corporate strategy announcement scheduled for May.