- Push-out Score determined
- After less than a year and a half in the position
- Accolades, praise and thanks for Flint
- Noel Quinn taking over in the interim
- Search for a successor
- Flint said 114 words
(exechange) — London, United Kingdom, August 5, 2019 — John Flint, chief executive of HSBC, leaves — by “mutual agreement.” As announced by HSBC Holdings Plc in a news release on Monday, August 5, 2019, John Flint leaves his post as Chief Executive Officer at the British multinational banking and financial services holding company after less than a year and a half in the role, effective immediately.
HSBC will undertake a search for a successor.
John Flint’s duties as CEO will be taken over in the interim by Noel Quinn, most recently Chief Executive Officer, Global Commercial Banking of HSBC Holdings plc, as Interim Chief Executive Officer.
“The Board believes a change is needed”
A reason for John Flint’s departure from the CEO post was not explicitly provided. Mark Tucker, Group Chairman of HSBC, said: “HSBC is in a strong position to deliver on its strategy. In the increasingly complex and challenging global environment in which the Bank operates, the Board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us.”
Precise information regarding John Flint’s future plans was not immediately available.
HSBC said: “John Flint has today stepped down as Group Chief Executive and as a Director by mutual agreement with the Board. Although not carrying out his day-to-day duties after today, he remains available to assist HSBC with the transition.”
Share price decline
The announcement follows a decline in HSBC Holdings plc’s share price of 17% since August 2018.
Chaired by Mark Tucker
HSBC Holdings plc is chaired by Mark Tucker.
Mark Tucker was appointed to the Board of HSBC Holdings plc with effect from 1 September 2017, and assumed his role as non-executive Group Chairman on 1 October 2017.
In the position of CEO since 2018
John Flint became CEO of the Company in February 2018.
John Flint was appointed as Executive Director and Group Chief Executive of HSBC Holdings plc with effect from February 21, 2018.
Flint joined HSBC as an International Officer in October 1989.
He spent the first 14 years of his career with HSBC in Asia helping to establish and expand the HSBC Global Markets business in the region before moving back to London in 2004.
He has held various roles across the Group, with postings in Hong Kong, Singapore, Indonesia, Thailand, India, Bahrain, the United States and the United Kingdom.
In 2006, Flint was appointed Group Treasurer and in 2008, he added the roles of Deputy Head of Global Markets and Head of Global Markets, Europe, Middle East and Africa.
In 2010, Flint was appointed Chief Executive of HSBC Global Asset Management and in 2012, he became Chief of Staff to the Group Chief Executive and Group Head of Strategy and Planning.
He was appointed as a Group Managing Director in January 2013 and Chief Executive of Retail Banking and Wealth Management (RBWM).
Flint is a member of the Monetary Authority of Singapore International Advisory Panel, the International Business Council of the World Economic Forum and the Climate Finance Leadership Initiative.
He is also a Global Commissioner of the New Climate Economy.
Flint was born in 1968 in Yorkshire.
He was educated at Dhahran Academy and Giggleswick School.
He holds a BA (Honours) in Economics from Portsmouth Polytechnic.
He is married with two children.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to HSBC and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 32.2019 ($).