did not support reappointing chief executive Noel Quinn as a director to the banks board at the its shareholder meeting, a source familiar with the matter told Reuters on Saturday, as the investor voted against such a move.once a successor is appointed, last year defeated Ping An's long campaign to get HSBC to spin off its Asia business.
Ping An lodged a protest vote against Quinn's leadership at the meeting on Friday, Bloomberg News had reported earlier. Quinn will remain CEO of the London-headquartered bank until his successor starts in the role, and has agreed to remain available through to the end of his 12-month notice period expiring on April 30, 2025.
Quinn boosted the bank's returns by cutting underperforming businesses in the West, including retail banking businesses in the U.S. and France, its entire Canadian subsidiary and units in smaller markets such as Argentina.Members of the United Auto Workers on Saturday ratified a new labor contract with Daimler Truck that includes at least a 25% general wage increase over the four-year deal.
Source: Insurance Report (insurancereport.net)
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