HSBC On Hunt For New Chairman

Green Dot chairman

London-based bank HSBC announced on Friday (March 18) that it has officially kicked off the search for a new chairman.

The bank confirmed the nomination committee of its board is leading the search efforts and plans to have a new a successor for current Chairman Douglas Flint, The New York Times reported late last week.

“The board aims to nominate my successor during 2017, but the exact timing is clearly dependent upon identifying and securing the appropriate candidate,” Flint stated in a notice referencing HSBC’s annual meeting, according to NYT.

Once a new chairman is in place, the expectation is that the person in the role will subsequently lead the search for a replacement for the bank’s chief executive, Stuart Gulliver, Flint said.

According to NYT, the impeding departures of both Flint and Gulliver are just the latest in some major changes within the HSBC C-suite. Last November, the bank confirmed the addition of Paul Walsh, former CEO of Diageo, and Henri de Castries, chairman and CEO of AXA, to its board as independent directors.

Not only is the bank mixing things up in the boardroom, but it recently announced some new changes to the security measures it employs for its mobile banking capabilities.

Last month, the bank noted that nearly 37 percent of people feel that the use of traditional passwords is outdated as a security measure. HSBC, along with U.K. bank First Direct, plan to deploy the use of voice biometric security technology, as well as Touch ID, for mobile banking customers across the U.K.

Francesca McDonagh, HSBC U.K.’s head of retail banking and wealth management, explained: “This is the largest planned rollout of voice biometric security technology in the U.K. and demonstrates our continued investment in digital innovation and focus on making our services even more convenient for our customers. The launch of voice and Touch ID makes it even quicker and easier for customers to access their bank account, using the most secure form of password technology: the body.”

With the new security processes in place, customers will have access to advanced technologies when accessing their account via mobile or over the phone. An accountholder’s identity will be verified by using unique body characteristics, specifically voice and fingerprint.