HSBC appoints CFO Elhedery as new CEO

17th Jul 2024 07:30

(Sharecast News) - HSBC has announced that its finance chief George Elhedery will move into the chief executive officer position in September, replacing outgoing boss Noel Quinn.

Elhedery, who joined HSBC in 2005 and was appointed chief financial officer in January 2023, will be the bank's third CEO over the past years.

Chairman Mark Tucker said Elhedery is an "exceptional leader" with a "track record of leading through change, driving growth, delivering simplification, containing costs and brings a strong focus on execution".

Prior to his CFO appointment, Elhedery previously served as co-CEO of Global Banking & Markets, where he also led the Markets & Securities Services division. He also headed up HSBC's Middle Eastern, North Africa and Turkiye region as CEO between 2016 and 2019.

Tucker said that, when looking for Quinn's successor, Elhedery "demonstrated his strategic insight and vision, and deep international perspectives".

"The board concluded that Georges was the outstanding candidate and we look forward to working together as he leads HSBC through the next phase of development and growth," Tucker said.

Quinn, who announced his retirement back in April, will remain on board and work with Elhedery to support a "smooth and orderly handover of responsibilities", the bank said.