This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-11402617
The article has changed 7 times. There is an RSS feed of changes available.
Version 4 | Version 5 |
---|---|
HSBC confirms boardroom shake-up | HSBC confirms boardroom shake-up |
(40 minutes later) | |
HSBC has confirmed that its chief executive Michael Geoghegan is to be replaced by Stuart Gulliver - currently the head of the group's investment bank. | HSBC has confirmed that its chief executive Michael Geoghegan is to be replaced by Stuart Gulliver - currently the head of the group's investment bank. |
Douglas Flint, currently HSBC's finance director, has also been confirmed as the replacement for outgoing chairman Stephen Green. | Douglas Flint, currently HSBC's finance director, has also been confirmed as the replacement for outgoing chairman Stephen Green. |
Mr Green took up an offer of a UK government role earlier this month. | Mr Green took up an offer of a UK government role earlier this month. |
The moves mark a significant shake-up of leadership at the UK's biggest bank. | The moves mark a significant shake-up of leadership at the UK's biggest bank. |
Earlier HSBC denied reports that Mr Geoghegan was quitting after being told he was being overlooked for the position of chairman. | Earlier HSBC denied reports that Mr Geoghegan was quitting after being told he was being overlooked for the position of chairman. |
The bank has a history of promoting its chief executive to the chairmanship and Mr Geoghegan had been seen as a front-runner in the race to replace Mr Green. | The bank has a history of promoting its chief executive to the chairmanship and Mr Geoghegan had been seen as a front-runner in the race to replace Mr Green. |
In a conference call following the announcement Mr Geoghegan denied there had been any ill feelings over the chairman's job. | |
"It's been historical at this company that the chief executive goes on to be chairman but you have to be asked, and the reality was I wasn't asked," he said, adding that Mr Green's decision to leave had "triggered" him to consider his own future. | |
'Fundamental change' | |
In its statement HSBC said the appointment of Mr Flint as chairman has been made by a unanimous decision of the board. | In its statement HSBC said the appointment of Mr Flint as chairman has been made by a unanimous decision of the board. |
"The nomination committee came to the unanimous conclusion that Douglas Flint was the best person - internally or externally - for the position, meeting all the core criteria," it said. | "The nomination committee came to the unanimous conclusion that Douglas Flint was the best person - internally or externally - for the position, meeting all the core criteria," it said. |
His appointment has also been approved by the City regulator, the Financial Services Authority (FSA). | His appointment has also been approved by the City regulator, the Financial Services Authority (FSA). |
Mr Flint called the appointment "a privilege". | Mr Flint called the appointment "a privilege". |
"Our industry is in the midst of fundamental change which will redefine have banks operate," he said. | "Our industry is in the midst of fundamental change which will redefine have banks operate," he said. |
"At the same time we need to restore trust in the banking industry by learning from mistakes made in recent years." | "At the same time we need to restore trust in the banking industry by learning from mistakes made in recent years." |
Mr Geoghegan gave no indication of any boardroom bitterness in his statement, calling Mr Flint and his own replacement Stuart Gulliver "an awesome combination". | Mr Geoghegan gave no indication of any boardroom bitterness in his statement, calling Mr Flint and his own replacement Stuart Gulliver "an awesome combination". |
Mr Gulliver will take over as the new chief executive from January next year. | Mr Gulliver will take over as the new chief executive from January next year. |
The moves are the latest in a series of moves among the UK's top bankers. | The moves are the latest in a series of moves among the UK's top bankers. |
Earlier this week the chief executive of the Lloyds Banking Group, Eric Daniels, announced his plan to retire in a year's time. | Earlier this week the chief executive of the Lloyds Banking Group, Eric Daniels, announced his plan to retire in a year's time. |
And earlier this month one of the world's highest paid bankers, Bob Diamond, was confirmed as the next chief executive of Barclays. | And earlier this month one of the world's highest paid bankers, Bob Diamond, was confirmed as the next chief executive of Barclays. |