Jefferies has released a report stating that Standard Chartered has announced the immediate departure of Chief Financial Officer Diego De Giorgi, with his responsibilities to be temporarily assumed by Peter Burrill, the former Deputy CFO. De Giorgi will be moving to Apollo. Although a bank's operations extend far beyond its core executive team, Jefferies views this departure as a particularly significant blow to Standard Chartered. De Giorgi was not only a driver of the "Fit for Growth" efficiency plan but has also transformed investor communications over recent years, contributing not just to financial performance but also helping to improve valuation multiples through better engagement. Furthermore, many investors and market participants viewed him as a potential future CEO candidate. Jefferies indicated that the timing of this personnel change is especially unfavorable, with full-year results scheduled for release on February 23 and a medium-term strategic update planned for announcement in Hong Kong in May. The firm regards the latter as an extremely critical event.