HSBC stock was down on Monday after announcing that CEO John Flint is leaving the company.
HSBC Holdings (NYSE:HSBC) says that the CEO has stepped down and will no longer be handling his normal duties. This includes no longer being on the Board of Directors. However, he will remain around to assist the company with its transition to a new CEO.
According to the company, the decision for John Flint to step down was a mutual one between him and the Board of Directors. Noel Quinn, Chief Executive of Global Commercial Banking at HSBC, is serving as interim CEO while the company searches for Flint’s replacement.
“I have agreed with the Board that today’s good interim results indicate that this is the right time for change, both for me and the Bank,” Flint said in a statement. “After almost 30 years with HSBC, I will be sad to leave but I do so looking forward to a new personal challenge, and confident that our people will continue to serve the Bank’s stakeholders in the best possible way.”
HSBC Holdings has already started searching for the next CEO of the company. It is considering both internal and external candidates for the position. The next CEO will join the Board of Directors as an Executive Director. This appointment will require approval from regulators.
HSBC stock was down 3% as of Monday afternoon. HSBC stock is also down 3% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.