HSBC Holdings has appointed its group chief financial officer (CFO) Georges Elhedery as group chief executive, effective from September 2.
The appointment of Elhedery (pictured) follows a selection process that considered both internal and external candidates, after current group chief executive Noel Quinn announced his departure earlier in the year in April.
Elhedery joined HSBC in 2005 and has worked in financial services, in a variety of high-profile international roles, including as co-CEO of global banking & markets for almost three decades. This includes roles in Asia, the Middle East and Europe. He became CFO in January 2023.
In a July 17 statement from the London headquartered bank, HSBC’s group chairman Mark Tucker said: “I'm delighted to confirm Georges as the next HSBC group chief executive. He is an exceptional leader and banker who cares passionately about the bank, our customers, and our people. He has a track record of leading through change, driving growth, delivering simplification, containing costs and brings a strong focus on execution.”
Tucker added: “During his career, he has worked in Asia, the Middle East and Europe. Since joining the board as group chief financial officer in early 2023, and throughout the selection process, he has 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," he continued.
Elhedery said: “I'm deeply honoured 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.”
Quinn will leave the firm on September 2, 2024, and will work closely with Elhedery to ensure a smooth transition and an orderly handover of responsibilities.
For more analysis from FinanceAsia on the challenges that Elhedery will face in the role, please click here.
