HSBC has announced the appointment of Georges Elhedery as the new Group CEO, effective September 2. Elhedery, who currently serves as the Chief Financial Officer, will succeed Noel Quinn, who is stepping down after nearly five years.
In a surprising announcement in late April, HSBC revealed that Quinn would leave the company. Elhedery’s promotion to CEO comes less than two years after he was elevated to CFO in January 2023. During the transition period, Elhedery will continue his duties as CFO, according to a company statement.
Elhedery expressed his gratitude for the new role, saying, “I am deeply honored by the trust placed in me to lead this great institution into the future. Working together with our talented team, I look forward to delivering exceptional value to our clients and investors by driving strong performance on a sustainable growth trajectory.”
HSBC Group Chairman Mark Tucker praised Elhedery as “an exceptional leader and banker who cares passionately about the Bank, our customers, and our people.”
With a career spanning Asia, Europe, and the Middle East, Elhedery has demonstrated strategic insight and deep international perspectives. The Board regarded him as an outstanding candidate for the role.
The bank has yet to announce a successor for the CFO position.
Noel Quinn will assist Elhedery in ensuring a smooth transition. Quinn will remain available to HSBC during his gardening leave until his notice period concludes on April 30, 2025.
Throughout his tenure, Quinn navigated the bank through significant challenges, including the COVID-19 pandemic and geopolitical tensions between China and the West. After 37 years with HSBC, Quinn stated in April, “After an intense five years, it is now the right time for me to get a better balance between my personal and business life. I intend to pursue a portfolio career going forward.”
HSBC’s shares in Hong Kong fell by 0.15% on Wednesday following the announcement.
