Stephen Green Closes His Chairmanship At HSBC
It was founded in 1991 by the Hongkong and Shanghai Banking Corporation to act as a new group holding company and to enable the acquisition of the UK – based Midland Bank.
At the moment this big conglomerate will be left without its most important asset, Stephen Green, as he is about to become the U.K Trade Minister. There is no plan whatsoever to name a replacement for him as they do not know who to concentrate on.
Later, today, the U.K coalition Government will announce that Mr. Green will fill in the post that has been vacant since May, 2010 general election. He has a very good reputation and a good employment status. He joined HSNC in 1982 and he has been chief executive from 2003 to 2006 and since then on until now, he has been the chairman.
There are some possible names that are on the list and are to be considered, such as Michae Geoghegan, HSBC’s CEO, or John Thornton, a board member that has been a “behind curtains” chairman.
This may as well increase some speculations regarding the fact that this company is to move its headquarters in Hong Kong started the following year. Mr. Geoghegan even moved to Hong Kong last year, so that he will be able to conduct his executive role from there.
At the age of 61 years old, Mr. Green is very much welcomed in the new government as he is known to be a very well organized and well planned business person and what they need, a revival of the fragile economy that Britain has at the moment, is believed it will be acquired by Green.
The government has not named anyone, so far, ever since May elections, as they sought someone worthy enough to take the role of Trade Minster and make something out of it.
The last person that held this position was Mervyn Daviw, that declined to continue after the result of the elections brought a coalition government in power – the Conservative and the Liberal Parties.
This announcement was made, after last month, Leon Brittan, the former European Union Trade Commissioner and minister in Margaret Thatcher’s government, was appointed as a treade advice. He is to be in the government for six months.11