Mehta quits as CEO of HSBC's N American biz

Mehta quits as CEO of HSBC's N American biz

Agencies / London February 23, 2007

HSBC Holdings said on Thursday that Bobby Mehta was stepping down as chief executive officer of HSBC North America Holdings Inc and chief executive of HSBC Finance w.e.f February 15.

Commenting on Mehta's departure, Michael Geoghegan, group chief executive of HSBC Holdings Plc, said: "We wish Bobby well. He has made a very significant contribution to a diverse business serving 35 million North American customers and providing some $9 billion in net profit since we acquired Household International in March 2003 for $14.8 billion."

Mehta said: "I have had the opportunity to reorganise and redirect the US business and I would like to thank my talented colleagues for their support. I am now ready to pursue more entrepreneurial interests and look forward to this next stage with great anticipation."

Geoghegan announced the following appointments: Douglas Flint, goup finance director of HSBC Holdings Plc, has also become non-executive Chairman of HSBC Finance Corporation. Brendan McDonagh, currently chief operating officer of HSBC Finance, has become the chief executive officer.

ccording to a report on the website of New York Times, the departure came after HSBC surprised investors this month by announcing that it had to increase its reserves for bad loans in the United States to $10.56 billion