HSBC has announced the surprise departure of CEO John Flint after 18 months in the job, saying the bank needs new leadership.
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HSBC Holdings PLC said Monday that Flint stepped down because "a change is needed" to meet challenges.
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The bank’s global commercial banking head, Noel Quinn, will take temporary charge of the CEO role while a search is carried out, HSBC said.
Flint spent almost 30 years at HSBC before being named CEO last year.
A statement by HSBC chairman Mark Tucker said, "the board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us."
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The bank said its chief executive of global commercial banking, Noel Quinn, will serve temporarily as CEO while HSBC looks for a permanent replacement.
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HSBC released second-quarter earnings along with the announcement on Flint stepping down, posting $4.37 billion in net profit, up from $4.1 billion in the prior-year quarter, on higher revenue.
The Associated Press contributed to this article.
https://www.foxbusiness.com/business-leaders/hsbc-says-john-flint-out-as-ceo-after-18-months
2019-08-05 10:43:39Z
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