HSBC Denies Reports Chairman Stepping Down

CNBC.com with Reuters
Sunday, 23 May 2010 | 10:13 PM ET

HSBC's Chairman Stephen Green has no plans to step down, said Michael Geoghegan, the bank's Chief Executive on CNBC Monday.

HSBC: No Plans to Change Management
HSBC's group chief executive, Mike Geoghegan, says there are no plans to change its management structure, refuting a Sunday Telegraph report. He tells CNBC's Bernard Lo more, in this exclusive interview.

His comments were in response to a Sunday Telegraph report that Green is expected to step down later this year and non-executive director John Thornton is his likely replacement.

"There's no plan at the current time to change anything," Geoghegan said.

"Obviously we keep things under review, we have succession planning but there's nothing in that story." Geoghegan said it was important to hold a balanced position on the issue of compensation for banking executives.

Sharon Lorimer

HSBC investors have been urged to oppose the bank's pay plans by a governance body which objects to a 9 million pound ($13 million) bonus for the bank's chief.

HSBC will hold its annual shareholder meeting on May 28.

-- Click on the video link above to view CNBC's full interview with HSBC's Geoghegan.

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