HSBC appoints new Group Chief Executive

Friday, 13 October 2017 00:00 - - {{hitsCtrl.values.hits}}

HSBC Holdings Plc has announced that John Flint, Chief Executive of Retail Banking and Wealth Management, will succeed Stuart Gulliver as Executive Director and Group Chief Executive.

This will be effective from 21 February 2018 after Stuart has stepped down from both roles and retired from HSBC.

Group Chairman Mark Tucker, who led the search to identify Stuart’s successor, said: “John has broad and deep banking experience across regions, businesses and functions. He has a great understanding and regard for HSBC’s heritage, and the passion to build the bank for the next generation. Through the search process, John has developed with myself and the Board a clear sense of the opportunities and priorities that lie ahead. Over the coming months, before he formally takes over the Group CEO role from Stuart, we will be working closely together to develop and agree the key actions required to ensure we build on and enhance HSBC’s current momentum.”

John said: “I am humbled by the responsibility and enormously excited by the opportunity to lead HSBC as Group CEO. The bank is very well-positioned for the future but we must continue to innovate and accelerate the pace of change required to meet the expectations of our shareholders, customers, employees and society at large. I’m looking forward to working with Mark, the Board and over 230,000 colleagues around the world to make this great bank even better.”

Commenting on Stuart’s retirement, Mark said: “Stuart has led HSBC through a challenging and difficult period with great energy and commitment and successfully reshaped the business strategy of the bank. I would like to thank him on behalf of the Board for everything he has done for HSBC. This includes the important work of putting in place global standards for identifying and preventing financial crime. Since January 2011 the bank has paid $ 60.7 billion in dividends, announced an additional $ 5.5 billion of share buybacks, and delivered a total shareholder return of 66.8%. This is an outstanding track record.”

Stuart commented: “It has been my great privilege to lead HSBC as Group CEO for the last seven years. My primary role as Group CEO is stewardship and to hand the company to my successor in better shape than when I started. After the most extensive restructuring of the bank in its history and a relentless focus on meeting the evolving expectations of society I am confident HSBC is in better shape than it was seven years ago. I know that with Mark and John leading the organisation, it is in great hands.”