The biggest shareholders in HSBC Holdings PLC are divided on the composition of the bank's new board in the wake of John Flint's resignation as group CEO, The Daily Telegraph reported.
Two of the bank's 15 largest investors told the newspaper that they preferred a wider boardroom shakeup amid concerns that Chairman Mark Tucker would gain too much control. There are also concerns the HSBC's current board members are hesitant to stand up to Tucker, according to the Aug. 12 report.
Meanwhile, a third investor took the view that there is no need for a reshuffle if the board delivers progress, while a fourth investor said there is no evidence that the current directors cannot stand up to Tucker.
Flint stepped down Aug. 5, barely 18 months after he took the helm at the bank. It is believed that the board lost confidence in him and preferred a more aggressive strategy amid what Tucker described as a "challenging global environment." CFO Ewen Stevenson has been identified as a possible candidate to replace Flint.