HSBC appoints Georges Lhederi as Group CEO effective September 2

HSBC The appointment was announced on Wednesday Georges Elhedery as Group CEOFrom September 2.

Elhedery, the current chief financial officer, will replace outgoing chairman Noel Quinn in September.

In late April, HSBC unexpectedly announced that Quinn would step down after five years at the helm.

Elhadery’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 group 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 company into the future. Working with our talented team, I look forward to delivering exceptional value to our customers and investors by driving strong performance on a sustainable growth path.” Elhaderi said.

Mark Tucker, chairman of HSBC Group, called Elhedery “an exceptional leader and banker who cares deeply about the bank, our customers and our people”.

Elhederi has worked in various regions throughout his career in Asia, Europe and the Middle East. “He has demonstrated his strategic acumen and visionary and deep international perspectives,” the bank said, adding that the board considers him an “ideal candidate.”

The bank is yet to announce Elhederi’s successor as CFO.

HSBC said Quinn will work closely with Elkhedery to ensure a “smooth and orderly handover of responsibilities”. Quinn will be available to the company while on horticultural leave until the end of a 12-month notice period on April 30, 2025.

Quinn has guided the bank through challenges such as the Covid-19 pandemic and trade tensions between China and the West. Having worked in the bank for 37 years, he was appointed as the interim CEO in 2019.

Quinn said in April, “After an intense five years, now is the right time to strike a better balance between my personal and business life. I want to pursue a portfolio career going forward.”

This is breaking news. Update for updates.