News
HSBC CEO’s exit advanced
View(s):The Chief Executive Officer of HSBC Sri Lanka is being moved out prematurely, authoritative banking sources told the Sunday Times.
They said Patrick Gallagher, whose term was scheduled to end in April 2017, will return to London and a new foreign CEO will be installed in his place in October. Mr. Gallagher was appointed to Sri Lanka in 2013 and had secured a one-year extension from the Central Bank of Sri Lanka. His predecessor Nick Nicolaou had served in Sri Lanka for five years after having scored extensions.
During Mr. Gallagher’s term, the local branch of the multinational banking corporation suffered its biggest ever shakeup with some senior managers having to leave over allegations that incentives-linked performance figures were fudged. This was a result of terminations as well as voluntary resignations prompted by the
scandal.
At the time, a bank spokesman said: “HSBC Sri Lanka has made important senior management changes following an internal investigation. We can’t comment on individuals but we can confirm a number of executives have left the bank as a result of this investigation.”
It is also learnt that several senior management positions that were vacated as a result of the shakeup have been or are tipped to be filled with foreigners.