HSBC's non-executive director Thornton to quit: Report

LONDON: British banking group HSBC non-executive director John Thornton is set to step down from the board within six months, says a media report.

The 'Financial Times' reported that Thornton had told associates that he plans to step down by the spring, when board members are due to stand for re-election, unless the board convinces him that it will attach more importance to China.

Thornton, a former Goldman Sachs executive, has close ties to senior political and business leaders in China.

Thornton was drawn to HSBC with an understanding that he would be a top candidate to be the UK bank's next chairman, FT said.

In a board shake up last week, HSBC had confirmed the appointment of finance director Douglas Flint as chairman and Stuart Gulliver as chief executive in place of Michael Geoghegan and "overlooked" Thornton - who had been widely seen as the favourite to replace outgoing chairman Stephen Green.

HSBC had said that Thornton would however remain on the board.

Shareholders of HSBC have voiced their concern over the sidelining of Thornton. Quoting one of the top 20 investor, the newspaper said : "Not going with Thornton is a mistake."

Thornton, who was brought on to the board by Green two years ago, had been the chairman of HSBC's US operations as the group struggled to cauterise the problems caused by subprime loan subsidiary Household, the paper said.