Saturday 29 September 2012

Narayana Murthy to exit HSBC board

UK-based global banking giant HSBC Holdings Plc  said N.R. Narayana Murthy, co-founder of IT giant Infosys and the only Indian on its board, would retire as its director at the end of 2012. Announcing the changes in its board and board committees, HSBC Holdings Plc said in a regulatory filing here that Renato Fassbind, former Chief Financial Officer of Credit Suisse Group, has been appointed a Director with effect from January 1, 2013. Besides, Fassbind would also become a member of the Group Audit Committee and the Group Remuneration Committee with effect from March 1, 2013. He will be an independent non-executive Director. Murthy will retire as a Director of HSBC Holdings plc on December 31 and will be succeeded as Chairman of the Corporate Sustainability Committee by Laura Cha.
While Cha is already a director, Murthy had joined the board in 2008. James Hughes-Hallett has also been appointed a member of the Corporate Sustainability Committee from January 1, 2013.
Fassbind was the Chief Financial Officer and a member of the executive board of Credit Suisse Group from June 2004 until September 2010. He is Vice-Chairman of Supervisory Board of Swiss Reinsurance Company, and a member of the Supervisory Board of the Swiss Federal Audit Oversight Authority.

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