HSBC CEO resigns - VnExpress Business

After five years of intense work, HSBC CEO Noel Quinn unexpectedly resigned to achieve a better work-life balance and pursue investment.

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

The HSBC board of directors announced the start of the formal process of searching 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 , Chief Financial Officer Georges Elhedery is likely the leading internal candidate for the CEO position.

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

To ensure a smooth and orderly transition, Mr. Quinn agreed to continue working after his resignation was announced for 12 months, until a successor is found.

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

Quinn played a crucial role in addressing the challenges during and after the pandemic, as well as the escalating geopolitical tensions weighing on HSBC's key market, China. During his five years at the helm, he was tasked with improving shareholder returns. Quinn attempted to do this by scaling back operations in unprofitable markets, cutting jobs, and strengthening the strategy of shifting towards Asia.

As a result, HSBC shares rose by approximately 30% during his tenure. In the first quarter of 2024, HSBC reported pre-tax profits of $12.7 billion, lower than the $12.9 billion recorded in the same period of 2023, due to struggling with increased costs from expansion in Asia and inflationary pressures. However, this result was still higher than analysts' forecast of $12.6 billion.

Phiên An ( according to Reuters )

Source link: https://vnexpress.net/ceo-hsbc-tu-chuc-4740486.html