Former RBS executive to succeed Iain Mackay as HSBC finance director

HSBC said on Monday that finance director Iain Mackay plans to retire and will be succeeded by industry veteran Ewen Stevenson, who was previously chief financial officer at RBS.

Stevenson - whose departure from RBS was announced last month after four years in the job - has also worked at Credit Suisse, where he was co-head of the EMEA investment banking division and co-head of the global financial institutions group.

Chief executive John Flint said: "We are very grateful to Iain Mackay for his 11 years of highly professional and dedicated service; the last eight as group finance director. He has played a leading role implementing group strategy, ensuring the firm's compliance with regulatory standards and improving the quality of our financial reporting. I would like to thank Iain on behalf of the board for his unstinting commitment to HSBC and wish him well for the future."

Flint said Stevenson is "a highly experienced executive with a proven track record as a chief financial officer".

"He is both a strategic thinker and a highly accomplished expert in his field. He brings a wealth of international experience and will be a welcome addition to the senior management team."

Specific dates for Mackay's retirement and Stevenson's appointment will be confirmed in due course.

At 1240 BST, the shares were down 2.1% to 706p.