30 April 2024
HSBC HOLDINGS PLC
RETIREMENT OF GROUP CHIEF
EXECUTIVE
HSBC Holdings plc (the 'Company')
today announces that Group Chief Executive, Noel Quinn, has
informed the Board of his intention to retire from the Company
after nearly five years in the role.
As Group Chief Executive, Mr Quinn
has overseen a successful transformation of the Bank. During his
tenure, HSBC has delivered record profits and the strongest returns
in over a decade. He has successfully simplified and focused the
Bank, most recently with the sale of the Canada and Argentina
operations and built a leading position on
sustainability.
HSBC Group Chairman, Mark Tucker,
thanked Mr Quinn for his leadership since taking up the role in
2019 and for his contribution to HSBC since he first joined in
1987.
Mr Tucker said: "The Board would
like to pay tribute to Noel's leadership of the Company. Noel has
had a long and distinguished 37-year career at the Bank and we are
very grateful for his significant contribution to the Group over
many years. He has driven our transformation strategy and created a
simpler, more focused business that delivers higher returns. The
Bank is in a strong position as it enters the next phase of
development and growth."
Mr Quinn said: "It has been a privilege to lead HSBC. I never imagined when I
started 37 years ago that I would have the honour of becoming Group
Chief Executive of this great bank. I am proud of what we have
achieved, and it has only been possible because of the talent,
dedication, and commitment of the people at HSBC. I want to thank
them whole-heartedly and wish them continued success for the next
stage of the journey. After an intense five years, it is now
the right time for me to get a better balance between my personal
and business life. I intend to pursue a portfolio career going
forward."
The Board has begun a formal process
to find a successor, considering both internal and external
candidates. Mr Quinn will continue as Group Chief Executive during
this process to ensure a smooth and orderly transition.
The appendix contains a summary of
the terms relating to Mr Quinn's departure from HSBC, which are in
line with HSBC's shareholder-approved Directors' Remuneration
Policy.
Save as disclosed above and in the
appendix, there is no other information required to be disclosed
pursuant to Rule 13.51(2) of the Rules Governing the Listing of
Securities on the Stock Exchange of the Hong Kong Limited and no
matters relating to the retirement of Mr Quinn that need to be
brought to the attention of the shareholders of the
Company.
For and on behalf of
HSBC Holdings plc
Aileen Taylor
Group Company Secretary and Chief
Governance Officer
Note to editors:
1. Noel Quinn Career
History
03/2020 - present
HSBC, Group
Chief Executive, UK
08/2019 - 03/2020
HSBC,
Interim Group Chief Executive, UK
2015 -
2019
HSBC, Chief Executive of Global Commercial Banking, UK
2011 -
2015
HSBC, Regional Head of CMB, Asia Pacific, Hong Kong
2008 -
2011
HSBC, Head of CMB, UK
2007 - 2008
HSBC, Head of Commercial Finance Europe, UK
2004 -
2007
HSBC, Group Director, Strategy & Development, North America,
USA
1987 -
2004
Various roles in the UK including in Midland Bank and subsidiary
businesses
2. Board of Directors
The Board of Directors of HSBC
Holdings plc as at the date of this announcement
comprises:
Mark Edward Tucker*, Noel Paul
Quinn, Geraldine Joyce Buckingham†, Rachel
Duan†, Georges Bahjat Elhedery, Dame Carolyn Julie
Fairbairn†, James Anthony Forese†, Ann
Frances Godbehere†, Steven Craig
Guggenheimer†, Dr José Antonio Meade
Kuribreña†, Kalpana Jaisingh Morparia†,
Eileen K Murray†, Brendan Robert Nelson†,
David Thomas Nish† and Swee Lian
Teo†.
*
Non-executive Group Chairman
† Independent non-executive
Director
3. HSBC Group
HSBC Holdings plc, the parent
company of the HSBC Group, is headquartered in London. HSBC serves
customers worldwide from offices in 62 countries and territories.
With assets of US$3,001bn at 31 March 2024, HSBC is one of the
world's largest banking and financial services
organisations.
Appendix
Mr Quinn will remain Group Chief
Executive until such time as his successor starts in role and has
agreed to remain available through to the end of his 12-month
notice period (which expires on 30 April 2025) (the Retirement Date), to support
transition. Consequently, it is expected that he will continue to
receive salary, cash allowance in lieu of pension, benefits and
fixed pay allowance in the normal way throughout his notice
period.
Mr Quinn will be eligible to be
considered for an annual incentive award for the 2024 performance
year, subject to an assessment of the relevant performance measures
and his contribution over the year. Any award would be determined
on a pro rata basis to the date his successor starts and will be
disclosed in the appropriate directors' remuneration
report.
Mr Quinn has been granted Good
Leaver status, in accordance with the respective plan rules, in
respect of the deferred awards and the LTI awards that he holds
that are due to vest after his Retirement Date. His Good Leaver
status is conditional upon him not taking up a role with a defined
list of competitor financial services firms following his
Retirement Date.
As a Good Leaver, his deferred
awards will continue to vest and be released on their scheduled
vesting dates, subject to the relevant terms (including
post-vesting retention periods, malus and, where applicable,
clawback). Any vesting of his LTI awards will be pro-rated for the
period up to his Retirement Date and will be subject to the
relevant terms (including post vesting retention periods, malus
and, where applicable, clawback). Any vesting of his LTI awards
will be disclosed, as required, in the appropriate directors'
remuneration report. Mr Quinn will not be eligible for an LTI award
for the 2024 performance year.
In line with the Directors'
Remuneration Policy, Mr Quinn will also be entitled to receive
medical cover, tax and legal advice for a period of up to seven
years from his Retirement Date in relation to services provided to
the Company and the Company will make a contribution towards Mr
Quinn's legal fees incurred in connection with his retirement
arrangements. Mr Quinn will continue to be covered by the Company's
D&O insurance and will benefit from an indemnity in respect of
third party liabilities.
Mr Quinn will receive no other
compensation or payment for the termination of his employment
agreement or his ceasing to be a director of the Company or any
other Group company.
The above information is provided in
compliance with section 430(2B) of the Companies Act
2006.
Media enquiries to:
Heidi Ashley
+44 (0) 7920
254057
heidi.ashley@hsbc.com