Following the appointment of Finance Director Douglas Flint as Chairman and Stuart Gulliver as Chief Executive, HSBC non-Executive Director, John Thornton is due to resign from the board within the next six months.
While Mr. Thornton was believed to be the succeeding Chairman and was one of the favorites for the post, he was overlooked while the decision was made. Though, HSBC had confirmed his presence in the board for time to come, but it looks like Mr. Thornton wants to feel wanted for the bank.
He made a statement saying that he would only stay back if the board gave him enough reasons to stay back and convinced him that his stay would be beneficial for the growth in China.
In the middle of prospects for widening of growth in China, stepping down of Mr. Thornton might affect plans. Mr. Green the Chairman of HSBC and senior independent Director, Sir Simon Robertson are said to have put forth their succession planning two years back following which they had appointed Mr. Thornton as a board member.
Mr. Thornton is unwilling to stand for the re-elections as his other peers, but some of his friends have said that he would never act in a hasty and irresponsible way.
Lord Oakeshott, the Liberal Democrat Treasury Spokesman said, "HSBC has come through the banking crisis better than most, but this silk-lined parachute for someone that's leaving the bank early highlights that HSBC has little interest in British public opinion”.