HSBC's Thornton set to quit over top job snub: FT

27th September 2010, Comments 0 comments

John Thornton, the HSBC non-executive director who was passed over for chairman in last week's management shake-up, is likely to quit the board within six months, the Financial Times reported Monday.

Thornton was considered the favourite to replace Stephen Green as chairman of the banking giant but the job went to finance director Douglas Flint in a major reshuffle announced on Friday.

According to the FT, Thornton has told associates that he plans to step down by the time new board elections are held in six months time.

"He won't behave irresponsibly but he doesn't plan to stand for re-election," a friend told the business daily.

The FT said the former Goldman Sachs executive might change his mind if the board convinces him it will attach more importance to China, a keen area of interest for him.

© 2010 AFP

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