Current CFO of HSBC Georges Elhedery to Become Group CEO Succeeding Noel Quinn

HSBC announced on Wednesday that Georges Elhedery will assume the role of group CEO starting September 2. Elhedery, currently the Chief Financial Officer, will replace outgoing head Noel Quinn. HSBC has not yet announced a successor for Elhedery as CFO. During the transition, Quinn will work closely with Elhedery to ensure a smooth handover of responsibilities. Quinn will remain available to the company while on gardening leave until his 12-month notice period ends on April 30, 2025.

The unexpected news of Quinn’s departure came in late April after nearly five years at the helm of the bank. Elhedery’s appointment as CEO comes less than two years after he was promoted to CFO in January 2023. He will continue to serve as CFO during the transition period, according to the company’s statement.

Elhedery’s career at HSBC has spanned multiple regions, including Asia, Europe, and the Middle East. The bank highlighted his strategic insight, vision, and deep international perspectives, considering him an outstanding candidate for the CEO position.

Quinn has led HSBC through significant challenges, such as the Covid-19 pandemic and trade tensions between China and the West. He has been with the bank for 37 years and was appointed interim CEO in 2019. In April, Quinn stated that after an intense five years, he needed to balance his personal and business life and intended to pursue a portfolio career moving forward.

HSBC Group Chairman Mark Tucker praised Elhedery as an exceptional leader and banker who cares deeply about the bank, its customers, and its employees.

Elhedery expressed his gratitude for the trust placed in him, emphasizing his commitment to working with HSBC’s talented team to deliver exceptional value to clients and investors while driving strong, sustainable performance.

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