John Thornton quits HSBC board

John Thornton, the former Goldman Sachs president who specialises in Chinese affairs, is stepping down from the board of HSBC to spend more time on his other business interests.

Mr Thornton, who heads HSBC’s remuneration committee, will not seek re-election to the bank’s board at its annual shareholder meeting on Friday in view of “recent expanded responsibilities within his other business interests,” HSBC said. He will resign as chairman of HSBC North America on the same day. Mr Thornton is also co-chairman of Barrick Gold.