HSBC CEO Noel Quinn to step down after five years in the role

HSBC, a banking heavyweight, has announced the retirement of its group CEO, Noel Quinn, after his five-year tenure, prompting the bank to commence the search for his successor. HSBC CEO Noel Quinn to retire after five-year tenure

In a statement regarding his decision, Quinn expressed that “after an intense five years, it is now the right time for me to achieve a better balance between my personal and business life.” He also mentioned his plans to “pursue a portfolio career going forward.”

Mark Tucker, HSBC’s chairman, commended Quinn for his role in driving the bank’s transformation strategy, leading to the establishment of “a more focused business that delivers higher returns” during his tenure.

Quinn’s journey with HSBC began in 1987, and he ascended through various positions, including head of commercial finance for Europe and regional head of commercial banking for the Asia Pacific region. He previously served as the bank’s chief executive of global commercial banking.

Following John Flint’s departure, Quinn took over as interim CEO in August 2019, and his position was made permanent in March 2020.

HSBC disclosed that its board has initiated a “formal process” to identify Quinn’s successor, considering candidates from both internal and external sources. During this transition period, Quinn has agreed to continue in his current role to “ensure a smooth and orderly transition.”

Source: fintechfutures.com