HSBC CEO Noel Quinn to retire
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The news: HSBC's CEO Noel Quinn has told the board he intends to retire from the company after nearly five years in the role.
The numbers: Quinn first joined the bank in 1987 and was appointed CEO in 2019.
The context: HSBC said that Quinn had overseen a successful transformation of the bank, delivering record profits and the strongest returns in over a decade. It praised his role in focusing and simplifying the bank, including through the recent sale of its Canada and Argentina operations.
The board has begun a formal process to find a successor, considering both internal and external candidates, and Quinn will continue as group CEO during this process.
What they said: HSBC group chair Mark Tucker said: “Noel has had a long and distinguished 37-year career at the bank and we are very grateful for his significant contribution to the group over many years.
"He has driven our transformation strategy and created a simpler, more focused business that delivers higher returns," he said.
Quinn said: “After an intense five years, it is now the right time for me to get a better balance between my personal and business life. I intend to pursue a portfolio career going forward".
The source: HSBC media release
