HSBC Names Georges Elhedery as New Group CEO Effective September 2

Date:

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.

RECOMMENDED

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_img

Popular

More like this
Related

Ondo Guber Election: Aiyedatiwa, Ajayi Lead as INEC Assures Credibility

Security Tightened with Over 22,000 Personnel Deployed for...

Wike Approves ₦70,000 Minimum Wage For FCT

Federal Capital Territory (FCT) Minister, Nyesom Wike, has approved...

Edo Governor Orders Security Crackdown on Criminals and Cultists

Okpebholo prioritizes security in Edo State. Vows to...

IMF Flags Nigeria’s Struggling Economic Reforms Amid Regional Growth Gains

The International Monetary Fund (IMF) has cast doubt on...

Jake Paul Defeats Mike Tyson in Blockbuster Boxing Spectacle, Earning $40 Million Payday

Legendary Tyson Returns for $20M Payday, Falls Short...

Deji Adeyanju Accuses Wike of Land Grabbing, Authoritarianism

"Bulldozing Homes Criminalizes Poverty," Adeyanju Declares Activist Warns...

Tinubu Confers GCON to Indian PM Modi, Strengthens Nigeria-India Ties

President Bola Tinubu has conferred Nigeria’s second-highest national honor,...