The FINANCIAL — Flockhart is retiring as an Executive Director of HSBC Holdings plc, with effect from 30 April 2012, after a distinguished career spanning 37 years.
He will remain on the Board as a non-executive Director in order for the Board to retain access to his extensive international experience. Sandy will also retain his positions as Chairman of HSBC Bank plc, the Group's principal UK and European subsidiary, as Chairman of HSBC Latin America Holdings (UK) Limited and as a Director of HSBC Bank Middle East Ltd.
Sandy Flockhart joined HSBC in 1974 and began his international career in the Middle East, going on to hold many of the most senior positions in every region in which HSBC operates. Currently Chairman of HSBC's operations in Europe, the Middle East and Africa, Sandy previously served as Chief Executive Officer of The Hongkong and Shanghai Banking Corporation and was President and Group Managing Director with responsibility for Latin America and the Caribbean.
In a career that saw service in eight countries, Sandy also served as Chief Executive Officer in Mexico, Managing Director in Saudi Arabia, Chief Executive Officer in Thailand and Chairman of HSBC Malaysia, as well as undertaking further senior roles in the United States of America, Qatar and the United Arab Emirates.
Douglas Flint, Group Chairman, said: "Sandy has served the bank with dedication and distinction in a 37-year career spanning both developed and emerging markets. He retires at a point in time when Commercial Banking, the business with which he has been most associated, is the largest profit contributor to the Group. I would especially like to record the Board's appreciation for his role in leading the development of our service capabilities to this hugely important customer segment. The Board and I are extremely pleased that Sandy has agreed to stay on as a non-executive Director so that we will be able to continue to draw on his depth of experience."
According to HSBC Group, as Sandy Flockhart is not independent, his appointment as a non-executive Director of HSBC Holdings plc will be for an initial period of one year to the conclusion of the 2013 Annual General Meeting, and is subject to his re-election by shareholders.