Narayana Murthy to exit HSBC board
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, 2012 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. On Murthy's retirement, HSBC Group Chairman Douglas Flint said: "Narayana has made an important contribution to the Group since his appointment in 2008, in particular on technology matters, where his guidance and experience was invaluable to the Board, and also very importantly in leading the Corporate Sustainability Committee.
"On behalf of the Board I thank him for his counsel and service," Flint said.
On Fassbind's appointment, Flint said that "his international trade experience makes him ideally suited to offer independent advice and challenge from within the Board as we
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