HSBC Holdings PLC said Iain Mackay's employment came to an end on Dec. 31, 2018, and he retired from the board as group finance director.

He has been group finance director since 2010 and will be succeeded by Ewen Stevenson, who held the same role at Royal Bank of Scotland Group PLC.

Mackay will get £64,385 in lieu of his salary, pension and fixed pay for the period between Dec. 31, 2018, and Jan. 13, which is when his notice period ends and will remain eligible for an annual incentive award.

Additionally, Mackay was granted good leaver status and is entitled to tax and legal advice for up to seven years as part of the director's remuneration policy.