HSBC HSBC Holdings PLC

   By Robb M. Stewart 
 

HSBC Holdings (HSBC.LN) said John Flint has stepped down as chief executive by mutual agreement with the bank's board.

HSBC said Mr. Flint, while he wouldn't be carrying out his day-to-day duties, would remain available to assist with the transition to a new leader.

A search for a successor is underway and HSBC said it has appointed Noel Quinn, the current CEO of the global commercial banking at HSBC, as interim CEO and an executive board director. It said it would be considering internal and external candidates for the role.

News of Mr. Flint's departure came with the release of HSBC's first-half results, which showed a rise in net profit to $8.51 billion from $7.17 billion a year earlier.

HSBC said it would hold its half-year dividend steady on the same period last year at $0.31 a share and it has plans to launch a share buyback of up to $1 billion, which was expected to begin shortly.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

August 04, 2019 19:41 ET (23:41 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.