What a week in the boardroom at HSBC – the banking giant which has always so prided itself on its seamless succession planning among its highest ecehelons.
This is a bank which has always thumbed its nose at corporate governance guidelines which say chief executives should not be elevated to the chairman's office. And while shareholders vilified some transgressors – like Sir Stuart Rose at Marks & Spencer – they hardly blinked when HSBC broke the code. So it was almost fun – as much as manoeuvrings in a bank boardroom can ever be – to hear of HSBC's finest fighting like ferrets in a sack over who should be chairman: chief executive Mike Geoghegan, finance director Douglas Flint or non-executive director John Thornton.
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