The HSBC logo is displayed outside a branch in the United Kingdom.
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HSBC announced on Wednesday that it had been appointed Georges Elhedery as CEO of the groupfrom September 2.
Elhedery, currently chief financial officer, will replace outgoing head Noel Quinn in September.
At the end of April, HSBC unexpectedly announced that Quinn would be leaving after almost five years at the helm.
Elhedery’s appointment as CEO comes less than two years after he was promoted to Chief Financial Officer in January 2023. He will continue to serve as the group’s CFO during the transition period, the company said in a statement.
“I am deeply honored by the trust placed in me to lead this great institution into the future. Together with our talented team, I look forward to delivering exceptional value to our customers and investors by delivering strong performance in a sustainable manner growth path.” Elhedery said.
HSBC Group chairman Mark Tucker called Elhedery “an exceptional leader and banker who cares passionately about the bank, our customers and our people.”
Elhedery has worked in multiple regions during his career, in Asia, Europe and the Middle East. The bank said that “he has demonstrated his strategic insight and vision, and deep international perspectives”, adding that the Board of Directors considered him an “excellent candidate”.
The bank has not yet announced Elhedery’s successor as CFO.
Quinn will work closely with Elhedery to ensure a “smooth and orderly transfer of responsibilities,” HSBC said. Quinn will remain available to the company during his gardening leave until his twelve-month notice period expires on April 30, 2025.
Quinn has led the bank through 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.
Quinn said in April: “After five intense years, now is the right time for me to find a better balance between my personal and business life. I plan to pursue a portfolio career in the future.”
The bank’s shares in Hong Kong were 0.15% lower on Wednesday.