HSBC CEO John Flint Steps Down in “Mutual Agreement” with Board

HSBC Holdings plc’s leader John Flint has stepped down, the bank announced this Monday, after just eighteen months in the role, in what it says was a mutual agreement with the Board.

Flint, who succeeded Stuart Gulliver in February of 2018, will no longer operate as the Group Chief Executive Officer and Director, but he will remain available to help HSBC during the transition period.

HSBC reports a solid profit in Q2 of 2019

The announcement of Flint’s resignation follows on the heels of the London-headquartered firm releasing its financial results for the second quarter and the first half of 2019, in which it posted a $4.4 billion profit during the quarter, up from $4.1 billion in the same period of 2018.

The Board has asked Noel Quinn to take up the reigns during the transition period and assume the role of interim CEO, as well as join the Board as an Executive Director until a successor has been appointed. This is subject to regulatory approval.

At present, Quinn is the CEO of HSBC’s Global Commercial Banking unit, which he has been since 2015. Quinn is a veteran with the bank, having spent 32 years working with the firm.

Commenting on his departure, John Flint said: “It has been a privilege to spend my entire career with HSBC, rising from International Officer Trainee to serve as Group Chief Executive. I am grateful to my wonderful colleagues at the Bank for their support during my career, and I am proud of what we achieved together.

“I have agreed with the Board that today’s good interim results indicate that this is the right time for change, both for me and the Bank. After almost 30 years with HSBC, I will be sad to leave but I do so looking forward to a new personal challenge, and confident that our people will continue to serve the Bank’s stakeholders in the best possible way.”

Flint leaves HSBC after 30 years

Flint first joined HSBC back in 1989. He spent the first 14 years of his career working in the company’s Asia operations, expanding the bank’s global market business. In 2004, he moved to London where he rose through the ranks to take on the top position last year.

According to the statement, the Board has begun the process of looking for a new CEO. As part of this, it will consider both internal and external candidates.

“On behalf of the Board, I would like to thank John for his personal commitment, dedication and the significant contribution that he has made over his long career at the Bank. Today’s positive interim results particularly reflect John’s achievements as Group Chief Executive,” added Mark Tucker, Group Chairman of HSBC.

“HSBC is in a strong position to deliver on its strategy. In the increasingly complex and challenging global environment in which the Bank operates, the Board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us.”