HSBC, a global banking giant, announced the retirement of its Chief Executive, Noel Quinn, after five years of leading the company through significant changes.
Quinn, known for his decisive actions, oversaw a series of asset sales worldwide, streamlining the bank’s operations. Under his leadership, HSBC sold or downsized underperforming businesses in various regions, including retail banking units in the U.S., France, and Canada, among others.
The bank has initiated a formal process to select Quinn’s successor, with Chief Financial Officer Georges Elhedery emerging as a strong internal candidate. During Quinn’s tenure, HSBC’s profit and share price gained momentum, rising approximately 30%. The announcement of his retirement led to a 1.3% increase in HSBC’s shares, reaching a nine-month high in Hong Kong trading.
Investors and analysts view Quinn’s focus on expanding HSBC’s presence in Asia positively, highlighting the potential for further growth in the region. Quinn will continue as CEO until his successor assumes the role, providing support throughout the transition period until April 30, 2025.
Source: Reuters