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HSBC Names Patrick Burke CEO Of U.S. Business, Succeeding Dorner

Europe's biggest lender HSBC Holdings Plc (HSBC,HSBA.L) said Monday that it has appointed Patrick Burke as president and chief executive of HSBC U.S., with effect from November 1, 2014. He succeeds Irene Dorner, who is retiring from HSBC after a 32-year career.

Burke will become President and Chief Executive-Designate of HSBC U.S. and an Executive Director of HSBC North America Holdings Inc., HSBC USA Inc. and HSBC Bank USA, N.A. with effect from June 30, 2014.

Burke, aged 52, was appointed chief executive of HSBC Finance Corp. in 2010, assuming responsibility for winding down the legacy Household Consumer finance business. Burke joined HSBC Group in 1989 and was appointed a Group General Manager in 2011.

The outgoing chief executive, Dorner, joined HSBC in 1982 as an in-house lawyer at Samuel Montagu. She held a variety of roles at HSBC Bank plc, before being appointed as deputy chairman and chief executive of HSBC Bank Malaysia Berhad in 2007.

Dorner moved to the U.S. in 2010 as president and chief executive of HSBC Bank USA and took responsibility for all U.S. businesses in 2011. Dorner was appointed a group managing director of HSBC Holdings plc in 2013.

HSBC also said it has named Rhydian Cox to the newly-created role of head of regulatory remediation of HSBC US, and as an executive director of HSBC North America Holdings Inc., HSBC USA Inc., HSBC Bank USA, N.A and HSBC Finance Corp, with effect from June 30, 2014.

Cox, aged 53, will report to Burke and to Marc Moses, executive director and group chief risk officer. Cox will chair a new U.S. Remediation Committee that will drive the regulatory remediation of high-risk items, including significant control items.

Cox was appointed chief risk officer of Asia-Pacific in 2008. He joined HSBC Group in 1984 and was appointed a Group General Manager in 2013.

HSBC is currently trading at $52.10, down $0.15 or 0.29 percent on a volume of 228,836 shares.

by RTTNews Staff Writer

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