HSBC CEO resigns - VnExpress Business

After 5 years of "stressful" work, HSBC CEO Noel Quinn suddenly resigned to balance his life and pursue investment.

"After five stressful years, now is the right time for me to have a better balance between my personal life and work. I plan to pursue an investment career in the future," Quinn said.

HSBC's board has announced it is starting a formal search for a successor, considering both internal and external candidates. This will be the third CEO search under HSBC Chairman Mark Tucker, who has been at the helm of the bank since October 2017. According to Reuters , CFO Georges Elhedery is likely to be the leading internal candidate for the CEO position.

HSBC CEO Noel Quinn speaks at the Global Finance Leaders Investment Summit in Hong Kong on November 7, 2023. Photo: Reuters

To ensure a smooth and orderly transition, Mr. Quinn has agreed to remain in office after his resignation for 12 months, until a successor is appointed.

Noel Quinn began his career in finance at Midland Bank (UK) in 1987, which was acquired by HSBC in 1992. He was appointed CEO in March 2020, after serving as interim CEO following the sudden dismissal of his predecessor.

Quinn has been instrumental in navigating the challenges of the pandemic and the rise in geopolitical tensions that have weighed on HSBC’s core market of China. During his five years in charge, he has been tasked with improving shareholder returns, which he has sought to do by scaling back operations in unprofitable markets, cutting jobs and accelerating a strategic shift to Asia.

As a result, HSBC shares have risen about 30% during his tenure. HSBC reported pretax profit of $12.7 billion in the first quarter of 2024, down from $12.9 billion in the same period in 2023, as it struggled with rising costs from its expansion in Asia and inflationary pressures. However, the result was still higher than the $12.6 billion forecast by analysts.

Phien An ( according to Reuters )

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