HSBC Announces Surprise Departure of CEO Noel Quinn

HSBC’s chief executive officer, Noel Quinn, suddenly announced his retirement. The company confirmed on Tuesday, April 30, that its CEO informed the board that he is stepping down from the role he held for five years.

According to BBC News, Quinn said that now is the perfect time for him to leave to get a better balance between his personal and business side of life. He is a company veteran who first joined the group 37 years ago.

Quinn as HSBC’s Leader

He was appointed CEO on an interim basis in 2019 after John Flint was removed from the post. Then, in March 2020, HSBC appointed him as the permanent chief. During his tenure, he oversaw the bank's successful transformation.

Moreover, Shanti Kelemen, M&G Wealth’s chief investment officer, told BBC that Quinn changed the shape of the bank during his time as chief, and it was probably an intense five years for him. She added that what “he's done will probably reverberate and determine the path of their success for certainly several years to come."

Start of Hunt for New Chief

HSBC said that its board formally launched the search process to find the next CEO. The bank will consider internal and external candidates for the position.

The 62-year-old retiring executive will remain in the company to ensure a smooth and orderly leadership transition. He will not leave his office until HSBC names his successor.

“The Board would like to pay tribute to Noel’s leadership of the company,” Mark Tucker, HSBC’s chairman, said in the announcement on Quinn’s retirement. “Noel has had a long and distinguished 37-year career at the Bank and we are very grateful for his significant contribution to the Group over many years.”

Tucker further said that the retiring CEO “has driven both our transformation strategy and created a simpler, more focused business that delivers higher returns. The bank is in a strong position as it enters the next phase of development and growth.”

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