HSBC chief executive set to move on
Michael Geoghegan, the chief executive of HSBC, announced plans to leave the company in December amid reports of a boardroom bust-up. It would appear that Stephen Green's decision to relinquish his role as HSBC chairman has caused something of a major upset in the boardroom. If the rumours are correct, Michael Geoghegan threatened to resign if he was not considered for the role of chairman although this role has now gone to Douglas Flint and Stuart Gulliver will take over the role of chief executive next year.
While news of another major shakeup in the UK banking arena has caught the headlines, it is the potential £23 million windfall which Michael Geoghegan will take with him that is almost certain to reignite the "fat cats" debate. It is believed he will receive a £1.4 million payment for leaving early, will be eligible for a £4.2 million bonus for 2010 which together with shares worth over £6 million and long-term incentives which could total £11 million make up a very interesting leaving package.
Those who follow the UK financial arena will be well aware that there have been major changes across a number of companies over the last couple of years.
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