HSBC starts hunt for new chairman
LONDON: HSBC chairman Douglas Flint has announced that the start of the hunt for his successor has begun. He also said that his successor would lead the search for a new chief executive to replace Stuart Gulliver. Both men have been under fire from some investors after HSBC incurred a series of multi-million-pound fines over anti-money laundering measures and mortgage-backed securities mis-selling, spent £40 million deciding to keep its headquarters in London, and last month reported a plunge into the red in its fourth quarter.
Flint also warned of a "bumpier road ahead" with last month's annual figures. In a letter to shareholders ahead of next month's annual meeting, he said: "The nomination committee has now turned its attention to formulating a succession plan for my own role as group chairman so that the incoming group chairman can lead the process for selecting the next group chief executive in due course."
He said the search process had begun, headed by Sam Laidlaw, chairman of the nomination committee, and senior independent non-executive director Rachel Lomax. Flint said: "The board aims to nominate my successor during 2017, but the exact timing is clearly dependent upon identifying and securing the appropriate candidate. My own commitment is to remain as long as necessary to ensure a smooth transition." Ideally the bank wants to find Flint's successor soon enough for them to take over at next year's annual meeting.