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HSBC revealed on Monday, June 7, that its Asia Pacific chief executive officer would be retiring already. Peter Wong will step down from his post this week as his retirement is effective immediately.
The new Asia-Pacific co-CEOs
As per Reuters, the Hongkong and Shanghai Banking Corporation already appointed two veteran bankers, David Liao and Surendra Rosha, as his replacements. They will run the business in the said region together, and they will be based in Hong Kong.
The co-CEOs will be reporting directly to the main HSBC’s CEO, Noel Quinn. The pair will also be joining the financial institution’s executive committee and be part of the board for the Asia-Pacific business operations.
Prior to their new assignment, Liao worked as HSBC’s chief of global banking for the Asia Pacific and was the bank’s China unit’s chief, while Rosha was HSBC India’s CEO. The Wall Street Journal notes that the two have been working for HSBC for more than two decades already, and they have held various roles within this span of time.
The outgoing HSBC chief is staying
Peter Wong has been HSBC Asia Pacific’s chief since 2010. He may be stepping down from his post, but it was reported that he will not be leaving the company.
The 69-year-old veteran banker will take on a new role as a non-executive chairman in the same regional unit of the bank. For this job post, he will be replacing Laura Cha, who heads the board of Hong Kong Exchanges & Clearing Ltd.
She will be making her exit from the board of HSBC Holdings, and Wong will take over. With his new role, Peter Wong is expected to help guide the bank’s expansion in its key region. HSBC is betting its future in the Asia Pacific by directing billions of cash in capital toward Asia while pulling out unprofitable operations in other regions worldwide.
“We are investing $6 billion in Asia in the next 5 years and David and Rosha will lead this next phase of our Asia strategy as we focus on expanding and diversifying our presence across the world’s most dynamic region,” Bloomberg quoted CEO Quinn as saying in a statement as he welcomes the new co-CEOs.
