November 28: Bond bows out
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November 28: Sir John Bond is retiring as chairman of HSBC after 45 years with the company. In defiance of what is regarded as best practice, the bank has named the chief executive, Stephen Green, as his successor. It has been done before, notably at Barclays, and the rules do state that companies can promote their chief executive to chairman if they explain the move to the satisfaction of their shareholders. Tomorrow we’ll touch on this and tell you plenty about who will run HSBC after Bond. We’ll also review the Bond era and discuss whether lifers, such as Bond and most of the bank’s top team, make better leaders than transplants. You can also read Lex now.
We also have a small development in the Aegis bid story. Be sure to check out Gary Silverman’s detailed explanation of where we are in this rather murky story in the piece he wrote exclusively for FT.com.
As copper and gold have boomed, the unbelievable rise of the minor metals has been much less well-noticed. Kevin Morrison, our commodities correspondent, will help you tell your molybdenum from your vanadium and tell you which companies have been coining it from these metals’ sharp rise.
BP is to spend up to $8bn over the next decade to develop alternative and renewable energies, according to chief executive Lord Browne. The planned investment, which is double its existing spending on the business, seeks to create a new low-carbon power unit that could potentially generate around $6bn in annual revenues within the next decade, he said. Is this just PR or should we take it seriously?
Rexam shares are off on suggestions in this morning’s Daily Telegraph that the cans group might bid about £3bn for Saint-Gobain’s bottles operations. We’ve looked into the story and are not convinced.
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