HSBC has announced the unexpected departure of Group Chief Executive Officer Noel Quinn after nearly five years at the helm. In a statement issued by the bank, Quinn expressed gratitude for the opportunity to lead the organisation, saying he never imagined starting his career with HSBC over 37 years ago would eventually result in him becoming its CEO. He praised the talent, dedication and commitment of the people working within the company and thanked them wholeheartedly before wishing them continued success as they embark on their next stage of development. Quinn explained that after a demanding five-year period, it was now appropriate to seek greater balance between his personal and professional life by pursuing a portfolio career going forward.
Quinn initially assumed the role of interim CEO in August 2019 before being appointed as permanent leader in March 2020. During this time, he oversaw HSBC’s response to challenges such as the Covid-19 pandemic and deteriorating relationships between China and the Western world. As a result, London-listed shares of HSBC have risen by over 30% since Quinn became CEO.
On Tuesday morning (London time), when HSBC also released first-quarter earnings that exceeded expectations, its stock price increased by 3.6%. The bank’s Chairman Mark Tucker acknowledged Quinn’s remarkable leadership qualities during this crucial phase for the business: “Under Noel’s stewardship, we have executed our transformation strategy and simplified our operations to generate higher returns,” he said in a statement.
HSBC has commenced its search for a new CEO while confirming that Quinn will remain as leader until his successor is identified.
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