LONDON: HSBC chief executive Michael Geoghegan has threatened to resign from his job if he is not elevated to the chairman's role, according to two people familiar with the bank's succession planning, the Financial Times reported on Tuesday, Sept 21
The Financial Times said at a meeting last week Geoghegan reacted badly to the suggestion that he might be passed over, one of the people said. 'He was told the board was not ready to give him the chairmanship and he was not happy.'
HSBC is set to decide at a board meeting next Tuesday, Sept 28 who should replace Stephen Green, who is stepping down as chairman at the end of the year to take up a UK government job as trade minister.
Financial Times reported that executives at the bank said Geoghegan would be unhappy to see another chairman appointed over the top of him, particularly the favourite for the job, ex-Goldman Sachs banker John Thornton. HSBC has a history of elevating its chief executive to chairman.
The Financial Times said at a meeting last week Geoghegan reacted badly to the suggestion that he might be passed over, one of the people said. 'He was told the board was not ready to give him the chairmanship and he was not happy.'
HSBC is set to decide at a board meeting next Tuesday, Sept 28 who should replace Stephen Green, who is stepping down as chairman at the end of the year to take up a UK government job as trade minister.
Financial Times reported that executives at the bank said Geoghegan would be unhappy to see another chairman appointed over the top of him, particularly the favourite for the job, ex-Goldman Sachs banker John Thornton. HSBC has a history of elevating its chief executive to chairman.
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