HSBC chief unexpectedly quits
investmentnews.comHSBC Holdings Plc’s Chief Executive Officer Noel Quinn is stepping down, an unexpected move that comes as Europe’s largest lender tries to navigate the deterioration of ties between China and the US.
The board has begun a formal process to find a successor, and will consider both internal and external candidates, according to a statement Tuesday. Quinn will stay on during this process to ensure a smooth and orderly transition, it said.
During his tenure, Quinn led a series of strategic reviews that culminated in a plan to boost the bank’s investment in its Asian business, while cutting back in developed Western markets such as the US and France. The company is committed to that strategy going forward, even as tensions continue to flare between Beijing and other developed markets around the world.
“This comes as a surprise, especially given Quinn’s relatively short tenure during which he has led the bank through significant changes,” said Will Howlett, a financial analyst at Quilter Cheviot. “The departure of Quinn introduces an element of uncertainty about the bank’s future leadership at a time when HSBC is navigating a complex global financial landscape.”
Quinn said he began thinking more seriously about departing the bank over the Christmas holiday in December and he ultimately informed HSBC’s Chairman Mark Tucker about his intention to retire in recent weeks. Tucker is aiming to wrap up the CEO search by the second half of the year.
“Doing this job, you have to give 100% — if not 120% — of your energy, your mindset, your time to the role,” Quinn said on the conference call with journalists. “You can keep doing that, but that doesn’t necessarily achieve the balance in life that I wanted.”
Under Quinn’s leadership,
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