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HSBC CEO Noel Quinn is stepping down.
hong kong – HSBC has announced that Chief Executive Officer Noel Quinn will step down. It is an abrupt departure for the hardline leader of five years, who has overseen a series of wide-ranging asset sales around the world.
The Asia-focused bank said in a statement on Tuesday that it had begun a formal process to find a successor.
Chief Financial Officer Georges Erhederi, who was appointed to the number two role in January 2023, would likely be the leading internal candidate for the job.
Mr. Quinn, 62, has given momentum to the bank’s profits and stock price by eliminating or reducing underperforming businesses, including its retail banking operations in the United States and France, its entire Canadian subsidiary, and units in smaller markets such as Argentina. I got it back. .
HSBC shares, which have risen about 30% during his tenure, rose about 1.3% to a nine-month high in afternoon trading in Hong Kong.
Simon Yuen, founder of Hong Kong-based Surich Asset Management, said: “I think the downsizing in Western markets such as the US, Canada and Europe was a good move for HSBC as it strengthens the group’s Asian operations. ” he said. I am a shareholder of HSBC.
“We look forward to the next CEO coming up with further implementation plans to further expand the Bank’s business in Asian countries,” he added.
Quinn will remain CEO until a successor is appointed.
“Personally, I am ready for change, having held an intensive leadership role since taking the commercial bank position in October 2008,” Quinn told reporters. .
“This is also a natural inflection point for the bank as the current transformation phase comes to an end. It is an ideal time to provide leadership to move the bank forward over the next five years.”
HSBC chairman Mark Tucker said the bank aims to complete the process to replace Mr Quinn by the second half of this year.
Regarding the timing of Quinn’s decision to resign, Tucker said, “He (Quinn) first informed me of this earlier this month,” adding that the decision was Quinn’s own and that the board He added that he supports
Mr Quinn, who joined HSBC in 1987, took over as interim chief executive officer following the abrupt dismissal of his predecessor, and in March 2020 took over the role of HSBC, which generates most of its revenue and profits in Asia. Appointed CEO of the bank.
He played a key role in navigating the bank through challenges during and after the coronavirus pandemic, as well as rising geopolitical tensions weighing on China, the bank’s key market.
He also won a key showdown with China’s Ping An Insurance, the bank’s No. 1 investor in Asia. China’s Ping An Insurance waged a multi-year campaign to force HSBC to spin off its Asian operations, but was defeated at the bank’s shareholder meeting last year. .
HSBC has also faced criticism from Western lawmakers in recent years over its dealings with China amid heightened geopolitical tensions. Hong Kong is HSBC’s largest single market in the world.
HSBC reported a slightly better-than-expected pre-tax profit of $12.7 billion for the quarter ended March, compared with $12.9 billion a year earlier, as it struggles to meet rising costs as it expands in Asia. .
The London-based bank announced a $3 billion worth of share buybacks, on top of the $2 billion it announced in February.
