The chances of Noel Quinn being named the permanent group CEO of HSBC just improved with the reported dropout of a potential candidate.
UniCredit chief executive Jean Pierre Mustier, who was amongst the names that emerged as a contender for HSBC’s top job, has ruled himself out of the race. According to a «Reuters» report citing unnamed sources, Italy’s largest bank UniCredit is set to announce that Mustier will remain with the leader, putting an end to speculations.
The French executive, who joined UniCredit in mid-2016 to oversee a turnaround by shedding costs, bad loans, assets and shares to boost capital, was reportedly in talks with HSBC about the job last week.
Quinn Chances
HSBC surprised pundits in the latest annual results after a permanent chief executive remained unconfirmed. Interim chief executive Noel Quinn was widely viewed as the most likely winner but the delay has created greater uncertainty not only about leadership but also whether or not the newly announced strategy would stay on its three-year course.
News of Mustier’s withdrawal further boosts the chances of interim chief executive Noel Quinn who had been at the helm since the exit of his predecessor John Flint last August. Whilst reports initially indicated that the bank was able to announce a new head in weeks, it has since reiterated this week it could take until August for a final decision to be concluded, in line with its original six to 12-month timeline announced last year.
