Stephen Green is set to replace Sir John Bond as chairman of the world's second largest bank, HSBC.
Mr Bond has worked for the London-based bank for some 45 years, holding the chairman’s role since 1998. Mr Green steps up the job of chairman from his present role of chief executive, after shareholders gave the move their blessing.
Appointing a chairman who is already serving as chief executive has been frowned upon as a move counter to corporate governance best practice, however the bank insists that Mr Green is the outstanding candidate to replace Mr Bond.
The reshuffle of the bank’s top management sees Michael Geoghegan take over as chief executive, having previously managed HSBC in the UK.