HSBC names Noel Quinn its Group CEO
The appointment of Noel Quinn is effective immediately.
HSBC Holdings plc (LON:HSBA) today announced the appointment of Noel Quinn as Group Chief Executive Officer. The appointment is effective immediately.
Let’s note that, as FinanceFeeds has reported, Mr Quinn has led the bank as interim CEO for the past months, following the departure of John Flint.
Group Chairman Mark Tucker, who led the global search for a new Group CEO, said:
“In the last few months Noel has worked closely with the Board to agree the key actions required to build and enhance performance on a sustainable basis. He has shown a great understanding of HSBC, the challenges we face and the significant opportunities for growth that lie ahead. We wish him the very best in taking HSBC forward.”
Noel Quinn commented:
“In leading the bank on an interim basis for the last few months, I have really enjoyed working with Mark, the Board and over 230,000 colleagues around the world to reposition the Bank for success in the future. HSBC is an outstanding global company with talented and dedicated people. There is much that remains to be done and I am confident that we will rise to the challenge and deliver for our shareholders, customers, employees and society at large.”
Noel Quinn joined HSBC in 1987. He is currently Interim Group Chief Executive.
Mr Quinn’s appointment as an Executive Director of HSBC Holdings plc is subject to election at the next annual general meeting of the Company.
His remuneration as Executive Director and Group Chief Executive under his service contract will consist of a base salary of £1,271,000 per year, a fixed pay allowance of £1,700,000 per year and a pension allowance of £127,100 per year equal to 10% of his base salary. Mr Quinn’s service contract also provides for discretionary variable pay that consists of an annual incentive award up to a maximum value of 215% of base salary, and a long-term incentive award up to a maximum of 320% of base salary. This is determined by reference to the performance and profitability of the company as well as his personal performance and remuneration benchmarks in the industry.
Currently, Mr Quinn is interested in 1,078,357 ordinary shares of HSBC Holdings, representing in aggregate less than 0.0053 per cent of the issued shares of the company.