HSBC CEO Noel Quinn quits after 37 years of service, search for successor on

Meanwhile, the bank has begun a formal process of finding a successor, considering both internal and external candidates. Noel will continue as Group Chief Executive during this process and ensure a smooth and orderly transition.

Livemint, Written By Shivangini
First Published30 Apr 2024, 01:47 PM IST
Noel Quinn, group CEO, HSBC
Noel Quinn, group CEO, HSBC

Noel Quinn, the Group Chief Executive of HSBC who oversaw a major overhaul of its operations, is set to retire from his position after nearly five years, the London-based lender said on April 30, sending its shares up and triggering talk about his probable successor.

Under Quinn's leadership, the bank achieved record profits and the strongest returns in more than a decade, according to a statement released on April 30. He played a pivotal role in streamlining the bank's operations, which included the recent sale of its Canada and Argentina branches, ANI reported.

HSBC’s Hong Kong-listed shares rose nearly 1.5 per cent in afternoon trade Tuesday, while its London-listed stock increased by 2.5 per cent in early trading, Financial Times reported.

The search for Quinn’s successor is underway, with the bank considering both internal and external candidates. Quinn, 62, who also  steered the banks shift in focus to Asia, will remain in his role to oversee the transition until a new CEO is appointed.

Reflecting on his tenure, Quinn, who started his career  37 years ago, said he never thought he would become the Group Chief Executive of HSBC one day.

Britain's main stock indexes rose on April 30 and were set for their second consecutive month of gains, driven by optimism around corporate earnings, while HSBC climbed after upbeat results and a share buyback offset news about its CEO's departure, as per Reuters.

Quinn expressed his gratitude towards his colleagues and shared his plans for the future, "After an intense five years, it’s time for me to seek a better work-life balance and I look forward to pursuing a portfolio career."

HSBC Chairman Mark Tucker commended Quinn for his exemplary leadership since assuming the role in 2019 and throughout his distinguished 37-year tenure with the bank. "Noel has significantly shaped the bank’s trajectory, driving our transformation strategy towards a simpler and more efficient organization that delivers higher returns," Tucker remarked.

Tucker also noted that the bank is well-positioned for continued growth and development. 

According to the Financial Times report, Tucker refused to answer a question on whether HSBC chief financial officer Georges Elhedery  will take over the top post, but said the bank had “a succession process in place”. 

(With Inputs from Agencies)

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First Published:30 Apr 2024, 01:47 PM IST
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