Noel Quinn's surprise resignation statement after five intense years as HSBC CEO.

Noel Quinn's surprise resignation statement after five intense years as HSBC CEO.
Noel Quinn's surprise resignation statement after five intense years as HSBC CEO.
  • On Tuesday, HSBC announced the sudden departure of its Group Chief Executive Officer, Noel Quinn, who has been in charge for nearly five years.
  • "Now is the ideal time for me to achieve a better equilibrium between my personal and professional existence," stated Quinn.
  • The bank has commenced its search for a new CEO, with Quinn remaining in his position during the process.

On Tuesday, it was announced that Noel Quinn, the Group Chief Executive Officer, had left his position after almost five years in charge.

In a statement released by the bank, Quinn said:

In March 2020, after being appointed interim CEO in August 2019, Quinn assumed permanent leadership of HSBC. He guided the bank through difficulties such as the Covid-19 pandemic and strained relations between China and the West.

Since becoming CEO, the bank's London-listed shares have increased by more than 30%.

At 11:04 a.m. London time, HSBC's shares were 3.6% higher on Tuesday, following the announcement of first-quarter earnings that surpassed expectations.

Mark Tucker, the Chairman of the bank, honored Quinn's leadership by acknowledging the transformation strategy he implemented and the simplification of the business model that resulted in higher returns. Tucker stated that the bank is well-positioned to continue its growth and development as it enters the next phase.

The search for HSBC's next CEO has commenced, with Quinn remaining in his position during the process.

by Katrina Bishop

Markets