Rajat Kumar Gupta, Senior Partner Emeritus of McKinsey & Company, became chairman of the International Chamber of Commerce (ICC) Thursday succeeding Dr. Victor K. Fung, Chairman of the Hong Kong-based multinational group Li & Fung.

On the other hand, Stephen K. Green, HSBC Group Chairman, became ICC Vice-Chairman. The new leaders were elected by ICCs World Council during its meeting in Hong Kong, which brought together 80 of ICCs business members from 45 countries.

Mr Gupta, an Indian national who resides in the US, held a range of top management posts at McKinsey during his 34 years with the firm. He joined the company in 1973 and rose rapidly through the ranks, assuming leadership of its Scandinavian offices in 1973 and its Chicago office in 1981. In 1994, he was appointed the firms Managing Director Worldwide, the first Managing Director to be born outside of the US.

“I consider the ICC Chairmanship to be an honour and an opportunity,” Mr Gupta said. “I share ICCs strong commitment to open trade and a market economy, particularly in difficult economic times. The difference between promoting a resilient economy and a stalled economy depends, in large part, on whether policymakers choose open markets, open trade, and open competition – or adopt various forms of protectionism.”

In accepting the ICC Chairmanship, Mr Gupta paid tribute to his predecessor, Victor Fung, whom he called “a dynamic spokesman for business worldwide.”

Newly-elected Vice-Chairman Mr Stephen K. Green began his career with the British governments Ministry of Overseas Development and is currently Group Chairman of HSBC Holdings, based in London.

He has been with HSBC for 28 years, having joined HSBC Ltd in 1982 with responsibility for corporate planning activities. In 1992 he assumed responsibility for the Groups corporate banking business and, in 2006, became Group Chairman.

Accepting the post of ICC Vice-Chairman, Mr Green said: “ICC has been a strong advocate of open markets and sustainable development. These are principles I fully support.” He cited his companys record on environmental issues, noting that HSBC has become “carbon neutral” in its own business.

The outgoing Chairman Dr. Victor K. Fung, became ICC Honorary Chairman on the day following two years as ICC Chairman. The ICC Research Foundation was founded under his chairmanship and he will continue to serve as its Chairman.