REG - HSBC Holdings PLC - Retirement of Group Chief Executive

HSBC HoldingsAnnouncement

30/04/2024 07:00

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RNS Number : 5568M  HSBC Holdings PLC  30 April 2024

 

 

 

 

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

 

 

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