HSBC appoints Steven Guggenheimer as independent non-exec Director

Maria Nikolova

The appointment of Mr Guggenheimer, who has more than 25 years of experience at Microsoft, will take effect from May 1, 2020.

HSBC Holdings plc (LON:HSBA) today announces changes to its Board of Directors, as Steven Guggenheimer is appointed as an independent non-executive Director of the company. The appointment will take effect from May 1, 2020. Mr Guggenheimer will also be appointed as a member of the Group Risk Committee and the Nomination & Corporate Governance Committee.

Mr Guggenheimer has more than 25 years of experience at Microsoft, where he has held a variety of senior and large-scale leadership roles. These include: Corporate Vice President, Artificial Intelligence; Corporate Vice President, Chief Evangelist; and Corporate Vice President, Original Equipment Manufacturer.

The Directors have determined that Mr Guggenheimer is independent. In making that determination, the Directors have concluded that there are no other relationships or circumstances which are likely to affect his judgement and that any relationships or circumstances which could appear to do so were not considered to be material.

As an independent non-executive Director, Mr Guggenheimer will not have a service contract with HSBC and will be paid total fees of £204,000 per year in accordance with the Directors’ remuneration policy approved by shareholders at the 2019 Annual General Meeting. The total per year fees consist of: £127,000 for his role as independent non-executive Director, £40,000 as a member of the Group Risk Committee, £33,000 as a member of the Nomination & Corporate Governance Committee and a £4,000 travel allowance.

Mr Guggenheimer’s appointment as a Director of HSBC Holdings plc is subject to election by shareholders at the 2021 AGM and annual re-election thereafter. His initial three year term will run from his initial election, if successful, until the 2024 AGM.

HSBC also announces that Kathleen Louise Casey does not intend to seek re-election to the Board at the Company’s Annual General Meeting on April 24, 2020. She will formally retire from the Board at the conclusion of the AGM.

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