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HSBC paves the way to replace chairman

HSBC is reportedly seeking a new chairman to replace Douglas Flint.

Sky News reports the bank has appointed headhunters MWM Consulting to specifically replace Flint. HSBC has a long-standing relationship with headhunters MWM Consulting to recruit for non-executive directors. 

Flint has served on the bank’s board since 1995, and took on the chairman’s role in 2010.

While no timetable is in place, Flint is expected to exit no later than the bank’s 2017 annual general meeting.

The news comes ahead of next week’s AGM, where all of the bank’s non-executive directors are up for re-election.

Although a handful of the bank’s non-execs have been on the board for long tenures, none are expected to stand down at the meeting.

Flint and chief executive Stuart Gulliver told MPs in late February that local managers were to blame for helping clients of its Swiss private bank evade and avoid their tax bills between 2005 and 2007.

But the bank remains under scrutiny over claims of tax evasion and money laundering, and only last week French prosecutors set a bail of 1bn EUR after launching a criminal probe.

A HSBC spokeswoman declined to comment.

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