atans1

HSBC makes history

In Banks, Corporate governance on 18/03/2017 at 7:26 am
An outsider is appointed chairman for the first time ever.

We shareholders hope he will bring the fresh ideas needed to solve the bank’s problems. The share price has done no where in the tenure of CEO that’s going to leave next year. Though to be fair, dividend yield of around 6% is not to be sneered at.

From NYT Dealbook

HSBC Looks to an Outsider

HSBC may be based in London, but it generates much of its profit in Asia.
And so, in a nod to that, it has named Mark Tucker, the chief executive of the Asian life insurer AIA Group, as its next chairman.
Mr. Tucker will replace Douglas Flint, who has been chairman since 2010, in October.
Although Mr. Tucker has spent much of his career in the insurance industry, he was group finance director for a year at HBOS, a British bank that nearly collapsed during the financial crisis and is now part of Lloyds Banking Group.
He has also been a director at Goldman Sachs since 2012, a position he will leave when he joins HSBC.
Mr. Tucker’s first task will be to find a replacement for Stuart Gulliver, who has said he will quit as chief executive next year.
But there are other challenges: The bank has missed a string of financial targets and is in the midst of a restructuring.
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