HSBC CEO announces surprise retirement
CNN
HSBC has announced its chief executive Noel Quinn will retire — a surprise departure by its hard-nosed leader of five years who has overseen a sweeping series of asset sales across the globe.
Hong Kong — HSBC has announced its chief executive Noel Quinn will retire — a surprise departure by its hard-nosed leader of five years who has overseen a sweeping series of asset sales across the globe. The Asia-focused bank said in a statement Tuesday that it had launched a formal process to find a successor. Chief financial officer Georges Elhedery, appointed to the No. 2 role in January 2023, is likely the leading internal candidate for the job. Quinn, 62, has restored momentum to the bank’s profits and share price by getting rid of or slashing in size underperforming businesses, including the lender’s retail banking businesses in the United States and France, its entire Canadian subsidiary and units in smaller markets such as Argentina. HSBC’s (HSBC) shares, which have gained roughly 30% during his tenure, rose about 1.3% and touched a nine-month high in the afternoon session in Hong Kong. “I think shrinking businesses in Western markets such as the US, Canada and Europe has been a good move for HSBC at the same time as boosting the group’s Asian business,” said Simon Yuen, founder of Hong Kong-based Surich Asset Management, which is an HSBC shareholder.
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