HSBC chairman set to quash resignation rumours: report

26th May 2010, Comments 0 comments

HSBC chairman Stephen Green is set to quash speculation his resignation is imminent, telling shareholders that there is no timetable for his departure, the Financial Times reported Wednesday.

Green, 61, has told friends he plans to stay in the post for another year or two and will deliver the message in a speech at the bank's annual shareholder meeting Friday, according to the paper.

"He won't guarantee a timetable but it could well be the AGM (annual general meeting) in 2011 or even 2012 before he goes," said one person close to Green.

Wednesday's news contradicted reports at the weekend that the chairman of the Hong Kong and Shanghai Banking Corporation would step down from his role later this year.

Green was reportedly planning his departure as part of a succession strategy which had put John Thornton, currently a non-executive director at HSBC, in line to replace him.

But the FT said Wednesday the bank was now rethinking these plans amid the continued financial turmoil.

HSBC has been implementing a succession plan for the past year that started with Green relinquishing his responsibility for group strategy to chief executive Michael Geoghegan last September, according to reports.

Green has been chairman since 2006, having previously acted as chief executive for three years.

As well as questions over the chairman's future, Friday's shareholder meeting is also expected to see the bank grilled over executive pay.

© 2010 AFP

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