The average tenure of a bank CEO is apparently like eight years.
That means for every Jamie Dimon who lasts a fistful of decades, there are a couple of Tim Sloans who only hang on for like 2.5 years or so. But those latter dudes are statistically anomalous losers because you should at least hit the four-year mark. Anything less is really embarrassing…
John Flint’s tenure running HSBC Holdings Plc has come to an abrupt end, with the bank announcing early Monday in Asia that the chief executive officer was stepping down.
The board believed a change was needed to help the bank, which has seen its Hong Kong-listed shares fall about 15% in the past year, meet the challenges it faces in an increasingly complex environment, Chairman Mark Tucker said in a statement.
Umm, John Flint is not a name with which we are particularly familiar. What do we know about him again? He was like a boring lifer who was supposed to get things in order, right? What else can we remember?…
Flint will be replaced on an interim basis by Noel Quinn, head of global commercial banking. The lender, which also released its latest quarterly results several hours earlier than scheduled, didn’t give a reason for the decision. Flint, 51, joined HSBC in 1989 and took over as CEO in February 2018.