(FT) -- HSBC finance director Douglas Flint is shaping up as the likely candidate to replace Stephen Green as chairman, according to people close to the bank's board.
Mr Flint has emerged as a serious contender after the board found it difficult to choose between Michael Geoghegan, the bank's chief executive, and John Thornton, the former Goldman Sachs banker and non-executive director of HSBC, to fill the role.
The Financial Times reported on Wednesday that Mr Geoghegan threatened to resign following an indication from board members that Mr Thornton might be given the job. Later on Wednesday, the bank denied Mr Geoghegan had threatened to resign over not being given the chairman's role, describing such talk as "nonsense".
Nonetheless, three people close to the bank's board said it was looking increasingly likely that a compromise candidate would be appointed chairman, allowing Mr Geoghegan to remain as its Hong Kong-based chief executive. Mr Flint was the most likely contender, they said, adding that Mr Geoghegan's threat to go had diminished Mr Thornton's chances.
Mr Green announced two weeks ago that he would step down as HSBC chairman to become UK trade minister. Sir Simon Robertson, senior independent director, had initiated a search for Mr Green's successor earlier in the summer. That accelerated a process of succession planning at HSBC that had already been initiated by senior independent director Sir Simon Robertson.
CNN
