HSBC finally settles on a permanent group chief executive seven months after the exit of predecessor John Flint.
Former interim chief executive Noel Quinn will take the top job permanently, effective immediately, adding much-needed stability at the helm and settling months of uncertainty, according to the bank.
Quinn took over the interim role following the short-lived two-year stint of Flint in August 2019. Since then, the bank has repeatedly said that succession remained underway, most notably during the last annual results when Quinn presented the group strategy but remained as interim head. Multiple names had emerged as potential successors to Flint including UniCredit chief executive Jean Pierre Mustier, who reportedly withdrew interest last month.
More Stability
The bank’s decision to name Quinn at the new CEO will bode well for stability especially given the recent shuffles made at the top. They include newly appointed regional chief executives for the U.S. (Michael Roberts), China (Mark Wang Yunfeng) alongside the Middle East, North Africa, Turkey, Latin America, Canada and most of Europe (Stephen Moss).
As the new permanent chief executive, Quinn will reportedly earn a base salary of over $1.5 million per annum.
«Noel has proven to be the outstanding candidate to take on a role permanently that he has performed impressively on an interim basis since August 2019,» said HSBC chairman Mark Tucker in a statement.
