Michael Geoghegan
Encyclopedia
Michael Geoghegan CBE is an English businessman, who served as HSBC Group
's chief executive from 26 March 2006 to 2010. He joined HSBC in 1973 and has previously led the group's South American and European operations.
, UK, and was educated in the United Kingdom
and Ireland
.
in March 1997 to establish the Group's operations in the country following the creation of Banco HSBC Bamerindus S.A. He was appointed a Group General Manager of HSBC Holdings plc in the same year.
In January 2000, as president of HSBC Bank Brasil S.A.- Banco Multiplo
, he became responsible for all of HSBC's business throughout South America
and chaired the Group's Regional Executive Committee. In October 2000 he became President of HSBC Investment Bank Brasil HSBC Seguros S.A. which resulted from the Group’s acquisition of CCF and the incorporation of certain activities of HSBC Brasil.
Once Geoghgan was appointed Chief Executive and a Director HSBC Bank plc
on 1 January 2004, he gave up the position of UK CEO on 6 March 2006 which was in turn filled by Dyfrig John.
HSBC announced on the 28 November 2005 that he would succeed Stephen Green
as Chief Executive of HSBC Holdings, as Green became Group Chairman of HSBC Holdings. Geoghegan was named Deputy Chairman of HSBC Bank plc 26 May 2006. In that management shuffle, the group management board was created in 2006. Before that, the chairman essentially held the duties of a chief executive, while the chief executive served as the deputy. Green said he wanted to break that tradition, having a management cadre to look after the business, while the chairman would oversaw the controls of the business through compliance and audit and the direction of the business.
Geoghegan was paid an annual salary of £1,070,000 for his role as chief executive.
He has shifted the chief executive's office of HSBC Group from London to Hong Kong on 28 January 2010. He became the chairman of The Hong Kong and Shanghai Banking Corporation.
With group chairman Stephen Green
planning to depart HSBC to accept a government appointment as Minister of Trade, Geoghegan was expected to become the next chairman. However, while many current and former senior employees supported the tradition of promoting the chief executive to chairman, many shareholders were instead pushed for an external candidate. Geoghegan's detractors noted that while he was effective at getting things done, they argued that his blunt style was unsuited to leading the board and representing HSBC with heads of government, and his appointment as chairman would also flout UK governance guidance that barred chief executives becoming chairman. Geoghegan had reportedly threatened to quit if he was passed over in favour of former Goldman Sachs President John Thornton
. HSBC's board of directors had reportedly been split over the succession planning, and investors were alarmed that this row would damage the company.
On 23 September 2010, Geoghegan announced he would step down as chief executive of HSBC.
He was succeeded as chief executive of HSBC by Stuart Gulliver
, while Green was succeeded as Chairman by Douglas Flint
; Flint was serving as HSBC's finance director (chief financial officer). Geoghegan remains with HSBC as an adviser until 30 June 2011. In an interview after he retired, Geoghegan stated that he was proud that Flint and Gulliver were chosen to lead HSBC.
UK which seeks to give students business experience while still in full-time education. HSBC has supported Young Enterprise for over 20 years as part of its commitment to financial education, and has 1,500 employees who volunteer their time for the organisation in schools across the UK.
In June 2003 he was honoured with a CBE (Commander Of The British Empire) by Her Majesty the Queen
in recognition of his contribution to British business interests in Brazil. Geoghegan is married with two sons.
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
's chief executive from 26 March 2006 to 2010. He joined HSBC in 1973 and has previously led the group's South American and European operations.
Early life
Geoghegan was born in WindsorWindsor, Berkshire
Windsor is an affluent suburban town and unparished area in the Royal Borough of Windsor and Maidenhead in Berkshire, England. It is widely known as the site of Windsor Castle, one of the official residences of the British Royal Family....
, UK, and was educated in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and Ireland
Ireland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
.
Career
He joined the HSBC Group in 1973 as an International Manager and, since then, spent twelve years in North and South America, eight years in Asia, seven years in the Middle East and three years in Europe. Mr Geoghegan arrived in BrazilBrazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
in March 1997 to establish the Group's operations in the country following the creation of Banco HSBC Bamerindus S.A. He was appointed a Group General Manager of HSBC Holdings plc in the same year.
In January 2000, as president of HSBC Bank Brasil S.A.- Banco Multiplo
HSBC Bank Brasil S.A.- Banco Multiplo
HSBC Bank Brasil S.A. - Banco Múltiplo is HSBC's bank in Brazil. In March 1997, HSBC established Banco HSBC Bamerindus SA was set up to take over Banco Bamerindus do Brasil S.A. The bank’s name was changed to HSBC Bank Brasil S.A. - Banco Múltiplo in 1999. The headquarters are located in Curitiba...
, he became responsible for all of HSBC's business throughout South America
South America
South America is a continent situated in the Western Hemisphere, mostly in the Southern Hemisphere, with a relatively small portion in the Northern Hemisphere. The continent is also considered a subcontinent of the Americas. It is bordered on the west by the Pacific Ocean and on the north and east...
and chaired the Group's Regional Executive Committee. In October 2000 he became President of HSBC Investment Bank Brasil HSBC Seguros S.A. which resulted from the Group’s acquisition of CCF and the incorporation of certain activities of HSBC Brasil.
Once Geoghgan was appointed Chief Executive and a Director HSBC Bank plc
HSBC Bank (Europe)
HSBC Bank plc is one of the four major clearing banks in the United Kingdom and is a wholly owned subsidiary of HSBC Holdings. The business ranges from the traditional High Street roles of personal finance and commercial banking, to private banking, consumer finance as well as corporate and...
on 1 January 2004, he gave up the position of UK CEO on 6 March 2006 which was in turn filled by Dyfrig John.
HSBC announced on the 28 November 2005 that he would succeed Stephen Green
Stephen Green (banker)
Stephen Keith Green, Baron Green of Hurstpierpoint is a British Conservative politician the current Minister of State for Trade and Investment and former Group Chairman of HSBC Holdings plc...
as Chief Executive of HSBC Holdings, as Green became Group Chairman of HSBC Holdings. Geoghegan was named Deputy Chairman of HSBC Bank plc 26 May 2006. In that management shuffle, the group management board was created in 2006. Before that, the chairman essentially held the duties of a chief executive, while the chief executive served as the deputy. Green said he wanted to break that tradition, having a management cadre to look after the business, while the chairman would oversaw the controls of the business through compliance and audit and the direction of the business.
Geoghegan was paid an annual salary of £1,070,000 for his role as chief executive.
He has shifted the chief executive's office of HSBC Group from London to Hong Kong on 28 January 2010. He became the chairman of The Hong Kong and Shanghai Banking Corporation.
With group chairman Stephen Green
Stephen Green (banker)
Stephen Keith Green, Baron Green of Hurstpierpoint is a British Conservative politician the current Minister of State for Trade and Investment and former Group Chairman of HSBC Holdings plc...
planning to depart HSBC to accept a government appointment as Minister of Trade, Geoghegan was expected to become the next chairman. However, while many current and former senior employees supported the tradition of promoting the chief executive to chairman, many shareholders were instead pushed for an external candidate. Geoghegan's detractors noted that while he was effective at getting things done, they argued that his blunt style was unsuited to leading the board and representing HSBC with heads of government, and his appointment as chairman would also flout UK governance guidance that barred chief executives becoming chairman. Geoghegan had reportedly threatened to quit if he was passed over in favour of former Goldman Sachs President John Thornton
John Thornton
John Jason Thornton is a former American football defensive tackle of the National Football League. He was drafted by the Tennessee Titans in the second round of the 1999 NFL Draft. He played college football at West Virginia.In addition to four years in Tennsseee, Thornton also played six seasons...
. HSBC's board of directors had reportedly been split over the succession planning, and investors were alarmed that this row would damage the company.
On 23 September 2010, Geoghegan announced he would step down as chief executive of HSBC.
He was succeeded as chief executive of HSBC by Stuart Gulliver
Stuart Gulliver
Stuart Gulliver born ) is an English banking business executive. He is the Group Chief Executive of HSBC Holdings. - Biography :Stuart received a Masters in Jurisprudence from Oxford University.- Executive career :...
, while Green was succeeded as Chairman by Douglas Flint
Douglas Flint
Douglas Jardine Flint CBE, is a British banking businessman. He is currently the Group Chairman of HSBC Holdings.- Education :Flint graduated with a bachelor's degree with honours in Accounting from the University of Glasgow...
; Flint was serving as HSBC's finance director (chief financial officer). Geoghegan remains with HSBC as an adviser until 30 June 2011. In an interview after he retired, Geoghegan stated that he was proud that Flint and Gulliver were chosen to lead HSBC.
Personal life
Geoghegan is Chairman of Young EnterpriseYoung Enterprise
Young Enterprise is a not-for-profit business and enterprise education charity in the United Kingdom. It is made up of 12 regional organisations, each operating individually under a license agreement...
UK which seeks to give students business experience while still in full-time education. HSBC has supported Young Enterprise for over 20 years as part of its commitment to financial education, and has 1,500 employees who volunteer their time for the organisation in schools across the UK.
In June 2003 he was honoured with a CBE (Commander Of The British Empire) by Her Majesty the Queen
Elizabeth II of the United Kingdom
Elizabeth II is the constitutional monarch of 16 sovereign states known as the Commonwealth realms: the United Kingdom, Canada, Australia, New Zealand, Jamaica, Barbados, the Bahamas, Grenada, Papua New Guinea, the Solomon Islands, Tuvalu, Saint Lucia, Saint Vincent and the Grenadines, Belize,...
in recognition of his contribution to British business interests in Brazil. Geoghegan is married with two sons.