HSBC has confirmed that group finance director Douglas Flint will be the bank's new chairman.
Flint will succeed Stephen Green as group chairman from 3 December. Stuart Gulliver will be appointed group chief executive, following Michael Geoghegan's decision to retire early next year.
"The appointment of Douglas Flint, made by a unanimous decision of the board, is the culmination of a comprehensive succession process begun in the first half of the year under the leadership of the senior independent non-executive director," said an HSBC statement.
Flint will step down as a non-executive at BP at its AGM in April 2011 to devote more time to his new role at HSBC.
He was awarded Accountancy Age's outstanding industry achievement award last year.
"It is a privilege and I am deeply honoured to become chairman of HSBC. Our industry is in the midst of fundamental change which will define how banks operate. At the same time we need to restore trust in the banking industry by learning from mistakes made in recent years," said Flint in the statement.
Iain Mackay takes over from Flint as group finance director from 3 December.
He joined as North American CFO in 2007 and is a member of ICAS.
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