SINGAPORE - British bank Standard Chartered is replacing its embattled chief executive Peter Sands, who will step down in June.

His successor is former JPMorgan Chase co-chief executive Bill Winters, who joins the bank in May and will take over as CEO in June.

Mr Winters, 53, is currently running asset management firm Renshaw Bay.

Current chairman Sir John Peace will also step down from the board sometime next year.

In a statement, Sir John said: "Bill is a globally respected banker and has the right experience and skills to drive the group's new phase of growth."

Other changes are also being made, with StanChart group executive director and CEO of Asia Jaspal Bindra, also stepping down at the end of April.

Both Mr Sands and Sir John have been under shareholder pressure after the bank's share price plunged over the past two years as the Asia-focused firm struggled.