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HSBC Holdings (HSBA.L) announced Monday that its 51-year-old chief executive, John Flint, will leave office, saying the bank needs to adjust its top management to meet the "challenging global environment".
At present, Fanning's appointment is only about one and a half years away. The change was announced in conjunction with the earnings report, which was scheduled to be released on Monday. HSBC's pre-tax profit increased by 15.9% in the first half of the year.
HSBC also announced a further $1 billion repurchase of shares, and some analysts had expected the company to suspend its strategy of returning surplus capital to investors.
"The Board believes it is necessary to make changes to meet the challenges we face and seize the great opportunities ahead," said Mark Tucker, chairman of HSBC Holdings Group.
Noel Quinn, the 57-year-old head of global commercial banking, will serve as interim chief executive, HSBC said in a statement.


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