HSBC denies CEO has threatened to quit

HSBC chief executive Michael Geohegan issued a denial overnight from his Hong Kong office that he will end his 37-year career at the company if he does not get the job of executive chairman.Geohegan became chief executive in 2006 and reportedly has eyes on the top job in the company now it has become available as a result of Stephen Green quitting the role to take up a post in the coalition cabinet.Press reports suggest, however, that the HSBC would prefer to appoint a non-executive chairman over his head. The bank's non-executive directors, led by former Goldman Sachs man Simon Robertson, himself mooted as a possible successor to Green, have been put under pressure by institutional shareholders to appoint an external candidate. Doubts also exist over whether Geohegan's head-cracking style is suitable for the chairman role.A decision is expected on Monday, when the board meets in Shanghai.Meanwhile, the bank issued a statement denying that Geohegan had threatened to quit, saying the suggestion "is offensive to Mike and to the company.""As previously stated, the board is working under due process to finalise HSBC's succession plan following Stephen Green's already announced departure and this proceeds in line with the scheduled timetable," the bank added.