What happened: Vancouver-based bank reveals succession plans
Why it matters: The move comes amid significant upheaval in economy
HSBC Bank Canada is recruiting from within its ranks for its next leader.
The Vancouver-based subsidiary of HSBC Holdings plc announced Monday (June 1) plans for long-time veteran Linda Seymour to succeed outgoing CEO and president Sandra Stuart, effective September 1.
Seymour also assumes duties as a group general manager of the parent organization as of Monday.
She’s served as executive vice-president and head of commercial banking for Canada since 2012, having joined the bank in 1988.
While HSBC Bank Canada is headquartered on the West Coast, Seymour’s LinkedIn profile states she’s based in Toronto.
A company spokeswoman said Seymour plans to split her time between the two cities while the bank remains headquartered in Vancouver.
Outgoing CEO Stuart informed HSBC Holdings plc of plans to retire in late 2019.
She’s worked for HSBC for 40 years as of this month — the last five years as the head of the Canadian division.
