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Senior Appointments In HSBC North America
HSBC Finance Corporation was acquired by the HSBC Group in March 2003. Mr Aldinger, who had served as its Chairman and Chief Executive Officer since 1994, agreed to stay on for a period of three years to oversee the integration of HSBC Finance Corporation into the enlarged HSBC Group. He was appointed Chairman and Chief Executive of HSBC North America, Inc., and of HSBC North America Holdings Inc., which serves as the holding company for all HSBC businesses in the region. The integration programme has proceeded successfully and faster than expected and it has been agreed between Mr Aldinger and HSBC that his task has been completed ahead of expectations.
Upon Mr Aldinger's retirement it is intended that the following appointments will be made:
Carl E Reichardt will become non-executive Chairman of HSBC North America Holdings Inc. A former Chairman and Chief Executive of Wells Fargo & Company, he served as a non-executive Director of HSBC Holdings plc from 1996 to 2002. He is also a Director of Ford Motor Company and ConAgra Foods, Inc. Bobby Mehta, currently a Vice Chairman of HSBC Finance Corporation, will become Chief Executive of HSBC North America Holdings Inc., and Chairman and Chief Executive Officer of HSBC Finance Corporation. He will also be appointed a Group Managing Director of HSBC Holdings plc.
Sandy Derickson will continue as Vice Chairman of HSBC Finance Corporation with expanded responsibilities. She will be appointed a Group General Manager.
Stephen Green, Group Chief Executive of HSBC Holdings plc, will become Chairman of HSBC Bank USA, N.A.
Martin Glynn, will continue as Chief Executive Officer of HSBC Bank USA, N.A.
Sir John Bond, Group Chairman of HSBC Holdings plc, said: "The acquisition of Household International in 2003 was a major development for HSBC. We said at the time how important it was to have someone of Bill Aldinger's experience oversee the initial phase of the company's integration into the HSBC Group and to ensure that our shareholders achieved the benefits of the transaction.
"It is a tribute to Bill's energy and leadership that he has completed this task faster than planned and that he has established a talented management team to take our North American business to the next stage of its development. We thank him warmly for his contribution. He will leave with our best wishes for the future."