HSBC chairman to leave post, reports claim

25 May 2010

Stephen Green, chairman of HSBC, may be stepping down from his post in 2010.

The departure of the head of the bank’s board is thought to be part of a reshuffle of senior executives within the financial institution, newspaper reports have claimed.

John Thornton, a non-executive director at HSBC, is believed to be being lined up as a successor to Mr Green by the bank.

If the reports are true, then the appointment would make Mr Green the last executive holder of the job.

A spokesman for HSBC told City AM: “Stephen and the management team are 100 per cent focused on the job, one of the reasons HSBC has fared differently to most banks over the last 24 months.

“It’s silly to speculate on the medium to long-term future other than to state the obvious – that is, of course we have succession plans for key positions. HSBC is renowned for its benchstrength and orderly management.”

Mr Green has been employed as chairman of the HSBC board since 2006 after a stint as chief executive.

The bank is holding its annual general meeting on Friday (May 28th), where it is expected to confirm the future plans.

By Jim Ottewill

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