HSBC Holdings plc (LON:HSBA) today announced that Group Chief Executive, Noel Quinn, has informed the Board of his intention to retire from the company after nearly five years in the role.
Mr Quinn said:
“It has been a privilege to lead HSBC. I never imagined when I started 37 years ago that I would have the honour of becoming Group Chief Executive of this great bank. I am proud of what we have achieved, and it has only been possible because of the talent, dedication, and commitment of the people at HSBC. I want to thank them whole-heartedly and wish them continued success for the next stage of the journey. After an intense five years, it is now the right time for me to get a better balance between my personal and business life. I intend to pursue a portfolio career going forward.”
The Board has begun a formal process to find a successor, considering both internal and external candidates.
Mr Quinn will remain Group Chief Executive until such time as his successor starts in role and has agreed to remain available through to the end of his 12-month notice period (which expires on 30 April 2025), to support transition.
Consequently, it is expected that he will continue to receive salary, cash allowance in lieu of pension, benefits and fixed pay allowance in the normal way throughout his notice period.
