22 Feb 2007 10:24
HSBC Holdings PLC22 February 2007 MANAGEMENT CHANGES IN HSBC NORTH AMERICA Bobby Mehta has stepped down as Chief Executive Officer of HSBC North AmericaHoldings Inc. and Chairman and Chief Executive Officer of HSBC FinanceCorporation (formerly Household International, Inc.), with effect from 15February 2007. He has also resigned as a Group managing director, and from theboards of HSBC Bank USA, N.A. and other companies in the HSBC Group. Mr Mehta joined HSBC Finance Corporation in 1998 and became Vice Chairman in2004. In March 2005, he was appointed Chief Executive Officer of HSBC NorthAmerica Holdings Inc. and Chairman and Chief Executive Officer of HSBC FinanceCorporation. Commenting on Mr Mehta's departure, Michael Geoghegan, Group Chief Executive ofHSBC Holdings plc, said: "We wish Bobby well. He has made a very significantcontribution to a diverse business serving 35 million North American customersand providing some US$9 billion in net profit since we acquiredHousehold International in March 2003 for US$14.8 billion." Mr Mehta said: "I have had the opportunity to reorganise and redirect the USbusiness and I would like to thank my talented colleagues for their support. Iam now ready to pursue more entrepreneurial interests and look forward to thisnext stage with great anticipation." Michael Geoghegan announced the following appointments: Douglas Flint, Group Finance Director of HSBC Holdings plc, has also becomenon-executive Chairman of HSBC Finance Corporation. Mr Flint continues as GroupFinance Director of HSBC Holdings plc, a position he has held since 1995. Brendan McDonagh, currently Chief Operating Officer of HSBC Finance Corporation,has become Chief Executive Officer. Note to editors:HSBC Holdings plcHSBC Holdings plc serves over 125 million customers worldwide through some 9,500offices in 81 countries and territories in Europe, the Asia-Pacific region, theAmericas, the Middle East and Africa. With assets of US$1,738 billion at 30 June2006, HSBC is one of the world's largest banking and financial servicesorganisations. This information is provided by RNS The company news service from the London Stock Exchange