CEO of HSBC at top level

  John Flint Copyright copyright
Getty Images


John Flint gives up the role he held for a year and a half "by mutual agreement with the Board"

The CEO of HSBC has stepped down after the bank said it needed leadership change to address a "challenging global environment."

John Flint gives up his role for a year and a half. "By mutual agreement with the Board."

He will immediately cease his daily responsibilities at HSBC, but will assist with the transition when Noel Quinn takes over as interim CEO.

Chairman Mark Tucker thanked Flint for his "dedication" and "dedication."

However, he said: "In the increasingly complex and challenging global environment that the bank operates, the board believes a change is needed to meet the challenges we face and to capture the very significant opportunities that lie ahead." [1[ads1]9659007] HSBC announced the announcement when it reported a 15.8% increase in pre-tax profit to $ 12.4 billion (£ 10.2 billion) in six months to June 30.

Flint, 51, who has worked at HSBC for 30 years, said: "I agree with the board that today's good partial results indicate that this is the right time for change, both for me and the bank."

HSBC commented on the current environment, saying "the outlook has changed".

It said that US interest rates are now expected to fall rather than rise, and "geopolitical issues could affect a significant number of our major markets."

It added: "In the short term, the nature and impact of Britain's departure from the EU will remain very uncertain."

& # 39; Good leaver & # 39;

Hr. Flint has a 12-month notice, but it's not clear when the departure date will be because he has "agreed to remain available for HSBC".

HSBC has also granted Mr Flint a "good leaver" status, meaning he will be entitled to any stock options that come after he leaves the bank, provided he does not work with a competitor for two years.

The bank said it has started a search to find a new CEO and "will evaluate internal and external candidates."

Source link

Back to top button