The
chief financial officer (CFO) of
HSBC, Douglas Flint, is due to take from Stephen Green as chairman of the UK’s largest bank.
Flint, who will start his new role in December, has been with HSBC for 15 years in a variety of executive positions. He will be responsible for all banking regulation and supervision decisions going forward.
It wasn’t an entirely smooth race; also in the running was Michael Geoghegan who many thought would triumph in the board power struggle. The decision to appoint Flint over Geoghegan was made in Shanghai, after a fortnight of speculation and Goeghhegan’s failure to attract investor support for chairmanship.
There were also two other high-profile moves. Iain Mackay, the financial officer of HSBC’s flagship Asian business, will replace Flint as CFO. Meanwhile Sandy Flockhart will move from HSBC’s Asian division to its UK
bank division.
The moves have been sparked by current chairman Stephen Green’s appointment to the post of trade minister in the Coalition Government.
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