Magazine article American Banker

Retirement Leads to Promotions at HSBC's Household

Magazine article American Banker

Retirement Leads to Promotions at HSBC's Household

Article excerpt

Following last week's announcement that longtime Household International second-in-command David Schoenholz would retire at the end of the month, HSBC North America Holdings Inc. on Tuesday announced nine promotions and a hire at the unit.

Mr. Schoenholz's duties will be split between group executives Sandy Derickson and Bobby Mehta, who will both add the title of vice chairman. Mr. Schoenholz, 52, is president and chief operating officer.

Ms. Derickson has headed the store and private-label credit card businesses since joining Household in September 2000 from GE Capital.

She will continue to oversee those businesses and will add responsibility for Household's insurance, refund lending, and auto finance divisions, as well as HFC Bank UK. Ms. Derickson will report directly to William F. Aldinger, who sold Household to HSBC Holdings PLC in 2002 and is now the chairman and CEO of its North America unit.

In a press release, Mr. Aldinger credited Ms. Derickson with bringing GE's Six Sigma productivity program to Household.

Mr. Mehta joined Household in 1998 from Boston Consulting Group. Mr. Aldinger has credited him with greatly improving the company's profitability in credit cards. In his new job Mr. Mehta will continue to oversee that business and will add responsibility for Household's consumer lending and mortgage services businesses, HSBC Group's worldwide credit card operations, HSBC Bank USA's first mortgage operations, and strategic planning and corporate marketing and development for HSBC North America.

Mr. Mehta, who is based in Salinas, Calif., will move to Prospect Heights, Ill., where Household is based, and report to Mr. Aldinger.

All the changes announced Tuesday are to take effect May 19.

Household managing directors Patrick Cozza, J.C. Faulkner, Adrian Hill, and Walter Menezes will become group executives. …

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