FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the
month of April
HSBC Holdings plc
42nd
Floor, 8 Canada Square, London E14 5HQ, England
(Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F).
Form
20-F X Form 40-F
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
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
HSBC
Holdings plc
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By:
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Name:
Aileen Taylor
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Title:
Group Company Secretary and Chief Governance Officer
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Date:
30 April 2024
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