Not an easy choice

7 September 2010 By Hugo Dixon

Both obvious choices to replace Stephen Green, who is to become UK trade minister, have problems. Elevating CEO Michael Geoghegan may antagonise investors who want an outsider. Appointing John Thornton, a nonexecutive who is based in China, could worry the UK regulator.

This content is for Subscribers only

Context News

Stephen Green, HSBC's chairman, will step down before the end of the year in order to become the UK's minister for trade and investment in January 2011.

The bank said nonexecutive directors had already been working on the chairman's succession for some months. It was always the board's intention that it would be in a position to approve a successor to Mr Green before the end of the year, and that timetable remains on schedule, it said in a statement.

HSBC is using MWM as its external advisor in looking for a new chairman, Reuters Breakingviews has learnt. The board will be looking at external candidates as well as internal candidates.

Email a friend

Please complete the form below.

Required fields *