LONDON: HSBC Holdings plc announced that Group Chief Executive, Noel Quinn, has informed the Board of his intention to retire from the Company after nearly five years in the role.
As Group Chief Executive, Mr Quinn has overseen a successful transformation of the Bank. During his tenure, HSBC has delivered record profits and the strongest returns in over a decade. He has successfully simplified and focused the Bank, most recently with the sale of the Canada and Argentina operations and built a leading position on sustainability.
HSBC Group Chairman, Mark Tucker, thanked Mr Quinn for his leadership since taking up the role in 2019 and for his contribution to HSBC since he first joined in 1987.
Mr Tucker said: “The Board would like to pay tribute to Noel’s leadership of the Company. 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. The Bank is in a strong position as it enters the next phase of development and growth.”
Mr Quinn said: “It has been a privilege to lead HSBC. I never imagined when I started 37 years ago that I would have the honour of becoming Group Chief Executive of this great bank. I am proud of what we have achieved, and it has only been possible because of the talent, dedication, and commitment of the people at HSBC. I want to thank them whole-heartedly and wish them continued success for the next stage of the journey. 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 Board has begun a formal process to find a successor, considering both internal and external candidates. Mr Quinn will continue as Group Chief Executive during this process to ensure a smooth and orderly transition.