Lender HSBC is on the lookout for a new CEO after 62-year-old Noel Quinn unexpectedly announced his retirement on Tuesday.
Leading the company since 2019, Quinn has guided the lender through a restructuring process, battling headwinds linked to the Covid-19 pandemic and a dispute over HSBC's Asia division.
"After an intense five years, it is now the right time for me to get a better balance between my personal and business life," said Quinn in a statement.
HSBC is considering both internal and external candidates to replace the current CEO, who will continue his duties until a successor is found.
Quinn has also agreed to remain available until the end of his 12-month notice period, which expires at the end of April 2025.
The hiring process is expected to be completed by the second half of this year.
Quinn, who has worked at HSBC for 37 years, first stepped in as an interim CEO when his predecessor, John Flint, was forced out of the top job.
During his tenure, Quinn axed 35,000 jobs as part of a cost-cutting strategy and, last year, he also navigated a spat with major shareholder Ping An.
Ping An, a Chinese insurer, was pushing HSBC to separate its Asia business into a Hong Kong-listed entity.
Quinn rebuffed the request, arguing that proposals to split the lender along East-West lines were not in shareholders' best interests.
Since then, HSBC has pivoted further towards Asia, selling businesses in Canada, France, the US, and Argentina.
HSBC's shares have gained roughly 30% during Quinn's tenure. Last year, the bank logged an annual record profit of $30 billion (€28 billion).
In this recent quarter, pre-tax profits nonetheless fell by around 1.8% year-on-year, as the business' expansion in Asia pushed up costs.
