Selena Lee and Lawrence White
HONG KONG (Reuters) – HSBC said Chief Executive Noel Quinn will step down, a surprise exit from the Asia-focused bank which he has restructured through a massive series of asset sales around the world.
The bank said it had already begun the formal process of finding a successor.
Quinn, who has led the bank for five years, will remain CEO until his successor takes up the role, and he has agreed to remain available until the end of his 12-month notice period, expiring April 30, 2025, to support the transition , the bank said in a statement.
Chief financial officer Georges Elkhedery, appointed to the No. 2 job in January last year after a sabbatical leading up the bank’s markets business, is likely the leading internal candidate for the job.
“After a busy five years, the time has come for me to find a better balance between my personal and business life. I intend to pursue a portfolio career in the future,” Quinn said.
Quinn, who joined HSBC in 1987, was appointed chief executive of the bank, which generates most of its revenue and profits in Asia, in March 2020 after serving as interim chief executive following the surprise departure of his predecessor.
He played a critical role in navigating the challenges during and after the coronavirus pandemic, as well as the heightened geopolitical tensions that weighed on the bank’s key market, China.
The bank reported a pre-tax profit of $12.7 billion for the quarter ended March, down from $12.9 billion a year earlier, as it struggles to cope with rising costs due to expansion in Asia and amid inflationary pressure. The results were better than HSBC analysts’ average forecast of $12.6 billion.
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The London-headquartered bank also announced $3 billion in share repurchases, on top of $2 billion in stock purchases announced in February.