HSBC chairman to step down: report

23rd May 2010, Comments 0 comments

HSBC chairman Stephen Green will step down from his role later this year and is set to be replaced by a former senior executive of US banking giant Goldman Sachs, The Sunday Telegraph newspaper reported.

Investors have been briefed that John Thornton, currently a non-executive director at HSBC, is in line to replace Green, the paper added.

The Hong Kong and Shanghai Banking Corporation refused to confirm the report.

Green, 61, is understood to be planning his departure as part of a succession strategy that will see HSBC end a long-running tradition to appoint an executive chairman at the top, according to The Sunday Telegraph.

HSBC has reportedly 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.

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

Sunday's report comes ahead of HSBC's annual shareholder meeting on Friday that is expected to see the bank face tough questions over executive pay.

© 2010 AFP

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