HSBC Taps GE Exec for CFO Post

Bank holding company chooses GE Healthcare veteran to replace Simon Penney in North America post.
Stephen TaubJune 26, 2007

HSBC North America Holdings Inc. named former GE Healthcare finance executive Iain Mackay to be executive vice president and CFO of HSBC North America, effective mid-July.

He succeeds Simon Penney, who retired at the end of 2006 and whose role has been filled on an interim basis by Chris Spooner, head of Group Financial Planning and Tax for HSBC Holdings plc.

Mackay will be responsible for all aspects of HSBC’s financial management in the United States and Canada.

Mackay had worked at various General Electric Co. units since 1996, most recently at the Global Diagnostic Imaging Business, the largest operating unit in the GE Healthcare unit. He also has worked at GE Consumer Finance, Capital, and Equity. Previously, he held public accounting positions with Thomson McLintock (U.K.) and the former Price Waterhouse, both in the U.S. and France.

He reports to Brendan McDonagh, HSBC North America’s chief operating officer and chief eExecutive Officer of HSBC Finance Corporation, and functionally to Douglas Flint, Group Finance Director for HSBC Holdings.