Making his mark: HSBC chairman plans boardroom cull

HSBC Holdings’s new chairman is planning a dramatic boardroom cull, with one third of directors slated to leave.

Three non-executive directors will not stand for re-election at the firm’s next annual general meeting, Sky News has reported.

These include Deutsche Boerse chairman Joachim Faber, who joined HSBC’s board in 2012.

This will streamline the board to just 14 members. More departures are then expected in the following years. It is understood that regulators and top investors have already given their backing to the reorganisation.

The board shakeup will be one of new chairman Mark Tucker’s first major moves since his appointment last year.

Previously chief executive of Prudential, Tucker is said to be keen on ensuring the firm can make faster decisions by slimming down the number of committees.

Some of those stepping down will be making the customary move of non-executive directors, who are no longer considered to be independent after seven years.

The group’s leadership has been subject to several changes over the past year, with John Flint taking up his post as the new chief executive just yesterday.

HSBC missed expectations in its last set of annual results, though profits were doubled. It also revealed that it took a $188m hit from writedowns relating to the collapse of Carillion and the problems plaguing Steinhoff.