LONDON (Nov 7): Some major shareholders in HSBC want the bank to give greater reassurance on succession-planning for its chairman and chief executive, concerned that a timetable for replacing veterans Douglas Flint and Stuart Gulliver may be slipping. The new chairman would oversee the selection of a successor to 57-year old CEO Stuart Gulliver, who is expected to leave in 2018, it said. The fourth shareholder who spoke to Reuters said he was confident HSBC would fill both positions within its stated timetable. While HSBC has pledged to break from tradition and appoint an external candidate as chairman, investors and sources within the bank broadly expect the new CEO will come from within its ranks. "I think the view is that the investors wanted to see an outside chairman," Gulliver told Reuters.

Source: The Edge Markets November 07, 2016 16:32 UTC