Hong Kong Phooey

24 May 2010 By George Hay Follow @gfhay

The global bank’s chairman has traditionally been its most powerful figure. HSBC has already reformed by handing strategic control to its CEO. Stephen Green may not be stepping down as chairman just yet. But when he does, the bank should consider replacing him with an outsider.

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HSBC has dismissed reports its chairman, Stephen Green, is about to leave the company.

Michael Geoghegan, the global bank's chief executive, told CNBC that there were no plans to replace Green. His comments followed a report in the Sunday Telegraph that the chairman would leave later this year, and would be replaced by John Thornton, the former Goldman Sachs executive who is an HSBC nonexecutive director.

HSBC has contingency plans on succession but Green will stay at least until 2011, according to a person familiar with the situation.

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