HSBC chief executive to add role of UK chairman

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Times
By Caroline Merrell, Banking Correspondent



STEPHEN GREEN, group chief executive of HSBC, is also to become chairman of the bank’s UK division in the new year, succeeding Sir John Bond, who will continue as group chairman.

The changes confirm Mr Green as the eventual group successor for Sir John, 63, who has been the executive chairman of the world’s second- biggest bank for six years.

Analysts said that management changes would give Mr Green a more prominent role in the bank, ahead of the eventual retirement of Sir John — who has yet to give a date for when he will stand down.

An eventual decision to replace Sir John with Mr Green would, however, fly in the face of the Higgs rules on corporate governance. The rules prohibit the promotion of chief executives to the chairman’s position, unless the board can justify the promotion to its shareholders. The rules are also not in favour of the the position of executive chairman — a tradition in HSBC.
http://www.timesonline.co.uk/newspaper/0,,173-1419042,00.html

JUST waiting for Ken Lay and Jeff Skilling to do a plea-bargain about Bond's Enron role......the shite has had it coming to him for a long time.....