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3 HSBC directors to retire as new chairman slims down board

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3 HSBC directors to retire as new chairman slims down board

HSBC Holdings Plc said Phillip Ameen, Joachim Faber and John Lipsky will retire from their roles as nonexecutive directors once their terms end upon the conclusion of the lender's annual general meeting April 20.

Earlier, "sources close to [HSBC]" told Sky News that Chairman Mark Tucker was planning to streamline the lender's board and had gained regulatory and shareholder approval to do so.

The retirement of Ameen, Lipsky and Faber, who is chairman of Deutsche Börse AG, will see the size of HSBC's board reduced to 14 directors from 17, with further departures expected over the next couple of years, Sky News reported.

HSBC on Feb. 20 reported a fourth-quarter 2017 loss attributable to ordinary shareholders of the parent company of $274 million, compared to a loss of $4.44 billion in the same period in 2016.