The bank said initial discussions had been held with major shareholders and the appointments approved by regulator, the Financial Services Authority. Geoghegan will formally retire at the end of March next year with a pay-off of £1.42 million but will stay as a consultant for the next three months for a £200,000 fee, which will be donated charity. Gulliver will be paid £1.25 million, while Flint will get £1.5 million. ­Gulliver will also get living allowances for moving to Hong Kong. All those appointed get pension payments worth half their pay. Geoghegan said he was "happy to stand aside" to "let the next team get on with it", adding that chief executives should not be in their posts for more than five or six years. He went after reports, strongly denied, said he had threatened to quit unless he succeeded Green, who is becoming trade minister. HSBC shares rose 2¼p to 666¼p.