HSBC names caretaker Noel Quinn as permanent chief executive

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HSBC Holdings Plc said acting Chief Executive Noel Quinn will keep the role on a permanent basis, weeks after he announced details of the bank’s third major overhaul in a decade.

“In the last few months Noel has worked closely with the board to agree the key actions required to build and enhance performance on a sustainable basis,” said Chairman Mark Tucker in a statement on Tuesday. “He has shown a great understanding of HSBC, the challenges we face and the significant opportunities for growth that lie ahead.”

Quinn served as acting CEO since August, when Tucker ousted John Flint over concern he could not lead the bank through an increasingly treacherous backdrop of slowing global growth, unrest in HSBC’s key Hong Kong market and low interest rates in Europe.

Quinn has overhauled the ranks of top executives, installing new risk and and investment banking chiefs, before a revamp that is expected to pare back much of HSBC’s business in France and the United States.

Bloomberg News
Succession planning Corporate governance HSBC