HSBC director John Thornton steps down after five years

Tim Wallace
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THE CHAIRMAN of HSBC’s North American operations is stepping down and will not seek re-election as a non-executive director at Friday’s annual general meeting, the bank said yesterday.

Former Goldman Sachs Asia boss John Thornton is leaving HSBC “in view of recent expanded responsibilities within his other business interests.”

Those include a newly increased role as co-chairman of Barrick Gold, professor and director of the global leadership programme at Tsinghua University School of Economics and Management, and non-executive director at Ford.

The board has not yet decided who will replace Thornton on the remuneration committee.

“John has made an invaluable contribution since his appointment, not least in his work with shareholders in his position as chairman of the remuneration committee,” said group chairman Douglas Flint. “I and the board are saddened that a substantial increase in his other business and professional commitments means that he will be leaving the board and would like to wish him all the best in his future endeavours.”