After putting to rest the long debate on where the bank should be domiciled, management succession plans have now moved into the forefront of investors concerns.
Europe’s biggest bank HSBC has begun the search for a successor to its current Chairman Douglas Flint and will aim to nominate a candidate in 2017.
HSBC has previously said that, in a break from tradition, its next chairman will be an external candidate, possibly a non-executive director already on the lender’s board.
Replacing Flint would then allow the bank to begin the search for a successor to Chief Executive Stuart Gulliver, the bank said, without giving a precise timeline for that move.
Time for an Asian Chairman?
In a letter to the bank shareholders Flint said «The board aims to nominate my successor during 2017 but the exact timing is clearly dependent upon identifying and securing the appropriate candidate.»
Flint joined HSBC as Group Finance Director in 1995, which broadened to that of Chief Financial Officer, Executive Director Risk and Regulation. He is a member of the Institute of Chartered Accountants of Scotland and the Association of Corporate Treasurers and also a fellow of the Chartered Institute of Management Accountants.
Given that the former Hong Kong headquartered bank gets a substantial amount of its business from Asia and professes to be committed to the region, what likelihood is there that it will appoint an Asian to the role?
