HSBC bank names new chief

Britain's HSBC bank has replaced current chairman John Bond after he called time on 45 years at the UK’s second largest company.

Stephen Green, who was appointed chief executive in 2003, will step up to chairman when Bond retires in May after seven years in the role.

HSBC secured the support of major shareholders before announcing the appointment of Mr Green – who is 57 – as promotion from the position of chief executive goes against corporate governance recommendations.

Deputy chairman Brian Moffat told shareholders today that Mr Green had been the "outstanding candidate" following a thorough selection process.

Mr Green will be succeeded as chief executive by Michael Geoghegan, 52, who joined HSBC in 1973 and is boss of HSBC’s main subsidiary in the UK. His present job will be taken by another long-serving employee, Dyfrig John.

Moffat stressed the importance of management continuity to the company, adding that the top 50 executives at HSBC had a combined service approaching 1,000 years, even though 20% of them joined in the last six years.

Bond joined HSBC in 1961 and worked in Asia for 25 years and the United States for four years, before coming to London in 1993 when he took on the role of chief executive of HSBC Holdings. He became chairman in 1998.