David Nish to Become HSBC Director
March 23 2016 - 9:30AM
Dow Jones News
LONDON—HSBC Holdings PLC on Wednesday said former Standard Life
PLC Chief Executive David Nish will become a director in May,
adding extra heft to the bank's board as it undergoes planned
leadership changes.
Mr. Nish, 55, left Standard Life last summer after being CEO for
six years. A chartered accountant, Mr. Nish worked for
PricewaterhouseCoopers for 16 years before serving as finance
director at Scottish Power PLC and then at Standard Life. HSBC
Chairman Douglas Flint said Mr. Nish would bring "considerable
relevant experience" to the role, and that the reshaping of
Standard Life under Mr. Nish has similarities to HSBC's own
restructuring to improve returns.
HSBC is cutting costs and shedding units including its bank in
Brazil to free up capital for further investment in mainland China
and other parts of Asia, under a plan led by CEO Stuart Gulliver.
Leadership changes are afoot at the bank, though, which could mean
further changes to strategy in the years ahead. Mr. Nish is best
known for having changed Standard Life from an insurance company
into an asset manager.
Mr. Flint, HSBC's former finance director who became chairman at
the end of 2010, is set to be replaced next year. In a letter to
shareholders last week, Mr. Flint said the search for his successor
is under way and that the next chairman will then start looking for
a new CEO "in due course." Mr. Gulliver, an HSBC veteran with the
bank since 1980, previously said he planned to stay in his role at
least through the end of next year. He became CEO in January 2011
after a messy power struggle that elevated Mr. Flint to chairman.
For decades, HSBC CEOs traditionally moved into the chairman
role—even after U.K. corporate governance guidelines discouraged
that path—but this time around the bank has said its next chairman
will come from outside its executive ranks.
Meanwhile, several long-serving board directors have left or are
leaving to make way for new blood. New directors include Henri de
Castries, the outgoing CEO of AXA SA who joined HSBC's board on
March 1 and is being tipped as a possible successor to Mr.
Flint.
Write to Margot Patrick at margot.patrick@wsj.com
(END) Dow Jones Newswires
March 23, 2016 09:15 ET (13:15 GMT)
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