Feb 5, 2020

HSBC to defer appointing chief until after strategy shake-up

HSBC has decided not to name a permanent chief executive when it unveils a strategic overhaul this month, in a move that risks undermining investor confidence in the plan to reshape the lender dramatically. Mark Tucker, HSBC chairman, has said that the search to replace John Flint, who was ousted as chief executive in August last year, would take six to 12 months. Three top 20 investors said they were expecting either Mr Quinn or an external candidate to be named as permanent chief executive before the new strategy was unveiled. Mr Tucker has told colleagues that he bitterly regrets appointing Mr Flint, while the replacement of the chief executive and chairman in 2010 was marred by acrimony and boardroom splits. He appointed Stephen Moss as regional chief executive for Europe, the Middle East, Latin America and Canada, while Nuno Matos will become chief executive of Europe.

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