Why HSBC CEO John Flint got fired:
requires a change in strategy, culture, organization and operation all in sync and all at the same time. No one expected Flannery to turn the company around immediately. But they did expect him to lay the ground work for change.
Like Flannery, Flint inherited a mess. His predecessor, Stuart Gulliver had done a good job cleaning up most of the “” Gulliver had cut costs and gotten the business back on a relatively sound footing. But there was much more to do even then. Everyone knew that. And Flint “said he will lay out his plans in a few months.”, he “had been expected to ride a wave of improving profits as global interest rates started to rise and the world economy looked rosy. But those expectations were dashed as central banks began lowering rates again and geopolitical tensions roiled markets.”
Tucker was new as outside, non-executive Chairman. He didn’t want to change too much too fast then, choosing to converge before evolving the organization. He gave Flint a chance. But recently, asbank analyst at Citi, said, “Mr. Tucker and HSBC’s directors had ‘clearly lost confidence in [Mr Flint’s] ability to navigate the tougher outlook faced by HSBC given the geopolitical and macro uncertainties, structural headwinds for global banks, and digital disruption challenges.
There was a clash of wills as each stubbornly dug into their world view. Flint thought the bank could continue its steady evolution. Tucker saw the need to accelerate through a point of inflection. When people clash with their bosses, the bosses tend to win.. The exception is when the change agent is the ultimate boss. In that case, those that won’t adapt to the change don’t survive the change. This is what happened to John Flint. He failed to adapt to his new boss’s direction.
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