Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Robertson hired to beef up HSBC board

Gary Parkinson City Editor
Wednesday 04 January 2006 01:00 GMT
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

HSBC, Europe's biggest bank, unveiled a top-level reshuffle yesterday that saw its chief operating officer and an independent director step down and the chairman of Rolls-Royce brought in to beef up investment banking experience on the board.

No replacement was announced for Alan Jebson, the chief operating officer since 2003, who will retire at HSBC's annual shareholder meeting after 28 years with the company. He was in charge of the bank's property and information technology, and his role may be split.

Sir John Kemp-Welch, a non-executive director of HSBC since 2000, is replaced by Simon Robertson, a past president of Goldman Sachs Europe and the former chairman of its rival investment bank Dresdner Kleinwort Benson.

Mr Robertson, who quit Goldman in August, is a non-executive chairman of the aeroplane engine maker Rolls-Royce and a director of The Economist Newspaper, the Royal Opera House in Covent Garden, London, and the fine wine merchant Berry Bros & Rudd.Dyfrig John, the chief executive designate of HSBC's British banking operation, will also become a group managing director in March.

The shake-up is the latest change to the bank's board since the announcement in November that Sir John Bond, its chairman, would retire to be replaced by the chief executive Stephen Green in a reshuffle that flies in the face of corporate governance rules.

The rules, which were brought in after a report by Sir Derek Higgs, frown upon the promotion of a chief executive to the chair, to safeguard the independence of the role.

HSBC said it was too big and diverse to appoint an outsider.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in