LONDON/HONG KONG, April 30 (Reuters) – HSBC (HSBA.L), opens new tab Chief Executive Noel Quinn said on Tuesday that he plans to step down, marking the surprise departure of a hard-nosed leader who has overseen a raft of asset sales, guided the lender to record profit and lifted its share price.
The bank is aiming to complete the succession process in the second half of this year, with both internal and external candidates to be considered.
Chief Financial Officer Georges Elhedery is likely the leading internal candidate for the job. The former head of the bank’s markets business was appointed to the No. 2 role over a year ago.
Quinn, 62, who has been in the job for five years said he wanted a better work-life balance and planned to move into a portfolio job.
“I’ve held intensive leadership roles since I took on a commercial bank role in October 2008 so I’m personally ready for a change,” he told reporters on a conference call.
“It’s also a natural inflection point for the bank, as it comes to the end of the current transformation phase. It’s an ideal time to bring in leadership to move the bank forward over the next five years.”
Source: REUTER
