HSBC Plans Management Overhaul, Chairman Stephen Green Expected to Quit

Stephen-GreenAs HSBC prepares for its re-organization of the management, Executive Chairman, Stephen Green is has announced that he will resign from the post.

This was stated in a report by the Sunday Telegraph, that the post by Green, will be taken over by non-executive Director, John Thornton by the end of this year.

The report also informed that the post of Chairman in the firm will also be acquired by role a non-executive.

Green, 61, earlier held the position of Group Chief Executive and has been a part of the bank since 1982. Green also held the position of Chairman since 2006.

Thornton has been with the bank since 2008. Earlier he worked with Goldman Sachs till 2003 and also served as Chairman of HSBC North America.

It was informed by the HSBC spokesman that Stephen and the management team focused on their work resulting which “HSBC fared differently” to other banks in the last two year.

It was also said that the move was a part of the succession plan that HSBC has for the “key positions”.

But, following the Sunday Telegraph reports, the Chief Executive, Michael Geoghegan on Monday said that there was nothing for official announcements although he admitted that company was considering management renovation plans.