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John Flint gave up his seat based on mutual agreement with the board (Image via: CNBC)
HSBC Chief Executive John Flint Resigned
HSBC just announced a significant change by replacing its current chief executive. After a year and half occupying the position, John Flint resigned based on mutual agreement with the board. Noel Quinn will be the interim chief executive while the bank is looking for the new leader. HSBC considers to search from the internal and external of the bank.HSBC Chairman Mark Tucker already made statement regarding Flint’s replacement. Tucker said that the chief executive change is necessary due to the increasingly complex and challenging global environment for the bank. He also stated it is crucial in order to face the future challenge and catch upcoming opportunities. HSBC said that the current geopolitical issues could impact a significant number of its major markets. Despite all of it, John Flint is being praised for his commitment and dedication. He dedicated 30 years of his life working for HSBC. On the other hand, Flint accepted the change and considered it necessary for the bank and himself.
John Flint is given the 12 month notice, but it’s still not clear when is his departure date. That is because he choose to remain available to HSBC, as announced by the bank. He is granted the “good leaver” status. The status means he will be entitled to any stock options the bank provided after he resigned. Flint also does not work at a competitor for two years.
Source: https://www.bbc.com/news/business-49230568
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