Mar 17, 2020

HSBC appoints Noel Quinn permanent chief executive

HSBC has appointed Noel Quinn as its permanent chief executive, drawing a line under a seven-month search to find a new leader for Europe's largest bank. Mr Quinn was appointed interim chief executive of the Asia-focused lender last August when his predecessor, John Flint, was ousted after just 18 months in the role because he had lost the confidence of the board of directors and chairman Mark Tucker. Despite his interim status, Mr Quinn insisted he did not want to be a "Caretaker" and embarked on a sweeping overhaul of the lender that led to him replacing several of the bank's top executives. Mr Quinn said he was "Honoured to be given the opportunity to lead HSBC" and hinted at the challenges facing the bank as it attempted to restructure at a time when the global financial system was being rocked by the spread of coronavirus. The quest for a leader, which was led by Mr Tucker, caused consternation among several large shareholders, who questioned the wisdom of Mr Quinn unveiling such a radical overhaul while holding the CEO title on an interim basis.

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