HSBC announced the shock departure of chief executive officer John Flint after just 18 months in the role, saying the bank needed a change at the top to address “a challenging global environment.”

Flint’s exit, which a person familiar with the matter said was a result of differences over execution of his strategy, was disclosed early yesterday along with HSBC’s half-yearly results, which had been scheduled for release later in the day.

The departure comes as Europe’s biggest bank is grappling with headwinds including an escalation of a trade war between China and the United States, an easing monetary policy cycle and uncertainty about Brexit.

Flint, 51, ran HSBC’s retail and wealth management business before taking over as CEO in February 2018. His appointment was the first major decision taken by the bank’s first externally appointed chairman Mark Tucker, who came on board in late 2017.

“In the increasingly complex and challenging global environment ... the board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us,” Tucker said in a statement.

HSBC, which makes more than 80 percent of its profit in Asia, said the board would consider internal and external candidates for the new CEO. Noel Quinn, the head of its global commercial banking unit, will be interim chief executive.

While the bank did not elaborate upon the reason for Flint’s sudden departure, a person familiar with the matter said it was a result of differences of opinion between Flint and Tucker over the pace and result of the strategy execution.

The main difference arose from Flint’s softer approach to cutting expenses and setting revenue targets for senior managers to boost profit growth, said the person. (SD-Agencies)