HSBC CEO Flint Exits in Surprise Move After Just 18 Months
- He will be replaced by Noel Quinn on an interim basis
- Bank also announced second-quarter earnings, buyback plans
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John Flint’s tenure running HSBC Holdings Plc has come to an abrupt end, with the bank announcing early Monday in Asia that the chief executive officer was stepping down.
The board believed a change was needed to help the bank, which has seen its Hong Kong-listed shares fall about 15% in the past year, meet the challenges it faces in an increasingly complex environment, Chairman Mark Tucker said in a statement. Some HSBC executives in Asia expressed surprise at the move, saying there had been no indication that a change was afoot. They asked not to be identified as they aren’t authorized to comment on the issue.