HSBC plans to name suc­ces­sor to Chair­man Flint next year

The Pak Banker - - FRONT PAGE -

LON­DON: HSBC Hold­ings Plc said it plans to nom­i­nate a suc­ces­sor next year for chair­man Dou­glas Flint, who along with Chief Ex­ec­u­tive Of­fi­cer Stu­art Gul­liver make up the longest­serv­ing duo at the helm of a ma­jor Euro­pean bank.

The search has started, though the ex­act tim­ing will de­pend upon "iden­ti­fy­ing and se­cur­ing the ap­pro­pri­ate can­di­date," and Flint will re­main as long as nec­es­sary to "en­sure a smooth tran­si­tion," the Lon­don-based com­pany said in a no­tice of its an­nual gen­eral meet­ing. The next chair­man will "lead the process for se­lect­ing the next group CEO in due course."

HSBC has pre­vi­ously com­mit­ted to ap­point­ing an ex­ter­nal can­di­date from out­side the bank, who would as­sume a nonex­ec­u­tive rather than ex­ec­u­tive role. Scot­land-born Flint, 60, joined as fi­nance di­rec­tor of Europe's largest bank in 1995 be­fore be­ing named ex­ec­u­tive chair­man in 2010. Ox­ford-ed­u­cated Gul­liver, 57, started at HSBC in 1980 and ex­celled as a trader, ris­ing through the ranks to be­come CEO in 2011.

The board's se­nior in­de­pen­dent di­rec­tor Rachel Lo­max is lead­ing the search for Flint's re­place­ment.

HSBC has been re­vamp­ing its board af­ter com­ing un­der pres­sure from share­hold­ers un­happy about a slump in shares. The bank added Axa SA CEO Henri de Cas­tries and for­mer leader of Di­a­geo Plc Paul Walsh as in­de­pen­dent non-ex­ec­u­tive di­rec­tors in Novem­ber, re­plac­ing long-stand­ing mem­bers of the board that are step­ping down.

Deputy Chair­man Si­mon Robert­son, 75, and Rona Fair­head, the 54-year-old chair of the bank's North Amer­i­can arm, are re­tir­ing at the bank's an­nual meet­ing April 22. Safra Catz, co-CEO of soft­ware maker Or­a­cle Corp., left at the end of last year. Since 2011, Gul­liver and Flint have an­nounced more than 87,000 job cuts, ex­ited more than 80 busi­nesses and re­duced the bank's sprawl­ing global foot­print to 71 coun­tries and ter­ri­to­ries from 88.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.