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HSBC chair quashes resignation rumours

May 28 2010 14:58

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London - Stephen Green, chairperson of banking giant HSBC, said on Friday that he expected to still be in his role during 2011 after a report suggested he would resign later this year.

Green told shareholders at the group's annual general meeting in London that a report in The Sunday Telegraph was wide of the mark.

"I would have preferred not to say anything (about the chairperson position) because actually we have nothing to announce," Green said.

"At HSBC, we do of course discuss succession for all key roles, both at board and senior management level, indeed it would be irresponsible of us not to do so.

"Rest assured, when there's something to say, we will say it to our shareholders first," he added.

The Sunday Telegraph on May 23 said Green would step down later this year to be replaced by a former senior executive of US banking giant Goldman Sachs.

It reported that the bank had briefed investors that John Thornton, a non-executive director at HSBC, was in line to replace Green.

HSBC refused to publicly comment on the story until Friday.

Green has been chairperson since 2006 after working as the bank's chief executive for three years.

  - AFP




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