HSBC’s Noel Quinn to retire after 5 years as chief executive

Chief Executive Noel Quinn says he needs ‘rest and relaxation’ after steering lender through pandemic

In an unexpected move, Noel Quinn, the group chief executive of HSBC, is stepping down after nearly five years at the helm of Europe’s largest bank.

The announcement came as HSBC reported a 1.8% decline in profit for the first quarter of 2024 compared to the same period last year. Quinn, 62, will remain in his position until a successor is appointed, with HSBC considering candidates from both internal and external sources.

Quinn, who has been with HSBC for 37 years, took on the role of chief executive on an interim basis in 2019 following the ousting of his predecessor, John Flint. He was appointed permanently in March 2020.

Reflecting on his departure, Quinn stated, “After an intense five years, it is now the right time for me to get a better balance between my personal and business life.”

Mark Tucker, HSBC’s chairman, praised Quinn’s tenure, noting that he “has driven both our transformation strategy and created a simpler, more focused business that delivers higher returns.”

In addition to the leadership change, HSBC announced an interim payout to investors of $0.10 per share and plans to repurchase up to $3 billion of its shares.

The bank has recently completed the sale of its Canadian operations and revealed intentions to divest its business in Argentina as part of a strategic shift toward faster-growing markets in Asia.

Commenting on Quinn’s legacy, Shanti Kelemen, chief investment office at M&G Wealth, remarked that his tenure “has probably been a very intense five years” and that his decisions, such as selling HSBC’s Argentina business and exiting Canada while boosting operations in Asia, will shape the bank’s trajectory for years to come.

Source: Newsroom