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HSBC’s Green to Step Down, Thornton to Succeed, Telegraph Says

May 23 (Bloomberg) -- Stephen Green plans to step down as executive chairman at HSBC Holdings Plc later this year and will be succeeded by John Thornton, the Sunday Telegraph reported, without saying where it obtained the information.

Thornton would be the London-based bank’s first non-executive chairman, the newspaper said.

Green and the bank’s management team are “100 percent" focused on their jobs, an HSBC spokesman told Bloomberg News. It is "silly" to speculate on the medium to long-term future, the spokesman said. The company has succession plans for key positions, he said.

-- With assistance from Sarah Jones in London. Editors: James Kraus

To contact the editor responsible for this story: Sylvia Wier at swier@bloomberg.net

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