HSBC Holdings’ executive director retiring from role

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Sandy Flockhart is to retire as an executive director of HSBC Holdings after a 37-year career at the bank.

Mr Flockhart spent much of his time at HSBC in senior postings in the Middle East and Asia.

A spokesman said the 60-year-old, who is currently chairman of Europe, the Middle East, and Africa as well as Latin America and commercial banking, was not expected to be immediately replaced in his executive role.

He will retain his positions as chairman of HSBC Bank, the group’s UK and European subsidiary, chairman of HSBC Latin America Holdings and a director of HSBC Bank Middle East.

The bank said he would remain on the board as a non-executive director. The changes take effect at the end of April.

In his new role, Mr Flockhart will be paid an annual director’s fee of £95,000 and he still has outstanding share awards under various HSBC reward plans.

Born in 1951, he was educated in Edinburgh and joined HSBC in July 1974 after graduating in law from Edinburgh University.

His previous positions at the bank include chief executive of The Hong Kong and Shanghai Banking Corporation. He was also president and group managing director with responsibility for Latin America and the Caribbean.

In a career that saw service in eight countries, Mr Flockhart also served as chief executive officer in Mexico, managing director in Saudi Arabia, chief executive officer in Thailand and chairman of HSBC Malaysia, as well as undertaking further senior roles in the United States, Qatar and the United Arab Emirates.

He was honoured with a CBE in 2008 in recognition of his services to British business and charitable services and institutions in Mexico.

Douglas Flint, group chairman, said: “Sandy has served the bank with dedication and distinction in a 37-year career spanning both developed and emerging markets.

“He retires at a point in time when commercial banking, the business with which he has been most associated, is the largest profit contributor to the group.

“I would especially like to record the board’s appreciation for his role in leading the development of our service capabilities to this hugely important customer segment.

“The board and I are extremely pleased that Sandy has agreed to stay on as a non-executive director so that we will be able to continue to draw on his depth of experience.”