HSBC Holdings (HBC) said Friday that outgoing CEO Michael Geoghegan, who reportedly quit after he was denied the opportunity to become chairman, is going to be replaced by Stuart Gulliver.
HSBC also said that the bank’s finance director Douglas Flint will succeed Stephen Green as group chairman. Greene announced his resignation Sept. 7, saying he had accepted the invitation of the British government to become Minister of State for Trade and Investment in January 2011.
“The nomination committee came to the unanimous conclusion that Douglas Flint was the best person – internally or externally – for the position, meeting all the core criteria,” HSBC said in a statement.
HSBC gained 79 cents, or 1.55%, to $52.55 at 3:17 E.T. in NYSE composite trading.