HSBC Announces Departure of CEO John Flint Just After 18 Months on the Role

HSBC Announces Departure of CEO John Flint Just After 18 Months on the Role

Business

John Flint, an HSBC CEO, has stepped down from the position after less than two years of the work. As per the bank’s statement, the board has mutually agreed on the Mr. Flints resignation. Even more, HSBC says the bank required a change at the top to overcome the challenges it is facing globally. In this way, the bank has removed the chief executive after just one-and-a-half year. The bank even noted it aims to stimulate growth and mark its presence in areas like the U.S.

The CEO’s exit is a result of disputes over the implementation of his strategy with chairman Mark Tucker. Flint aimed to cut expenses and set profit targets for top-level managers. Also, he intended to increase profit growth. But things did not work and resulted in opinion differences. HSBC announced the exit of the executive along with its semi-annual results on Monday. The bank added that even if Flint does not work with it, he will remain available to help HSBC with the conversion. Until the appointment of the new CEO, Noel Quinn, 57, the head of HSBC’s global commercial banking unit, will hold the post.

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John had joined the bank in 1989. Besides, he has spent more than a decade of his career with HSBC, Asia while assisting the bank in expanding its international markets business. John had secured the post of CEO just eighteen months ago, on February 2018. Mark Tucker, HSBC’s chairman, noted he would like to thank John, on behalf of the board, for his work, commitment. He praised John’s notable contribution that he has made throughout his career at the bank. Now the bank is seeking a new candidate for the position while considering internal as well as external people. Whereas, HSBC has revealed a profit of $4.4 billion in Q2, 2019. Notably, the figure is up from $4.1 billion a year ago. The bank also announced that it aims to repurchase $1 billion worth of sales.