HSBC starts hunt for new chair­man

The Pak Banker - - COMPANIES/BOSS -

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.

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