HSBC Holdings Plc’s Chief Executive Officer Noel Quinn has made the unexpected decision to step down from his role after leading the company for nearly five years. This resignation has prompted the board of Europe’s largest bank to commence the search for a suitable replacement.

Following the announcement on Tuesday, the bank’s board has formally initiated a process to find a capable successor for the CEO role. The search will consider prospects from internal as well as external candidates.

During the search for a new CEO, Noel Quinn will continue to fulfill his responsibilities to ensure that the transition process maintains a high degree of efficiency and order.