BusinessCompany NewsEx-finance minister leaves HSBC board after only nine weeks

Ex-finance minister leaves HSBC board after only nine weeks

Jose Gil Diaz, Mexico's former finance boss steps down from his non-executive role barely two months after he was appointed to the position at the start of January   

HSBC
has announced that Jose Gil Diaz has stepped down from its board ‘for
personal reasons’.

Diaz’s appointment was one of a raft of board changes implemented by HSBC
in a bid to restore investor confidence after a rocky patch at the end of 2006.
The world’s fourth-largest bank by market capitalisation, suffered a share slump
at the end of 2006, making it one of the worst-performing European bank stocks
of the year, the FT
reported.

Diaz, was Mexican secretary of finance and public credit until 30 November
2006 before a new administration was voted in. Between 1997 and 2000 he was
chief executive officer of Avantel, a Mexican telephone and internet service
provider, after serving as vice-governor of the Central Bank of Mexico, where he
was director general of tax policy.

In a statement to the stock exchange, HSBC said: Jose Francisco Gil Diaz has,
for personal reasons, resigned as a director of HSBC Holdings with effect from 5
March 2007.’

Further reading:

Ex-Mexican finance minister joins HSBC
board

HSBC suffers $11bn impairment blow

Superhero on board

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