HSBC concludes search for new Group CEO with Georges Elhedery appointment
HSBC has concluded its search for a new Group CEO, with the bank’s current CFO Georges Elhedery set to take up the role from 2 September 2024.
HSBC names Georges Elhedery as new Group CEO (Image: HSBC)
The firm had been searching for a new CEO since the announcement in April that Noel Quinn was stepping down after five years in the role.
Elhedery’s promotion follows a “rigorous selection process that considered both internal and external candidates”, according to a company statement. This process was led by group chairman Sir Mark Tucker and the Nomination and Corporate Governance Committee, along with support from an unnamed search firm.
Commenting on the bank’s new CEO, Tucker describes Elhedery as having a “track record of leading through change, driving growth, delivering simplification, containing costs and brings a strong focus on execution”.
Elhedery, who first joined HSBC in 2005, has held numerous leadership roles during his tenure at the bank, including serving as regional CEO for the Middle East, North Africa, and Turkey from July 2016 to February 2019. In January 2023, he was appointed as Group CFO and was named on the company’s board.
Regarding his predecessor, Noel Quinn, who announced in April that he was stepping away from the company after 37 years to “pursue a portfolio career”, HSBC says that he will “work closely” with Elhedery to “support a smooth and orderly handover of responsibilities”.
Quinn is expected to remain available to the organisation, and to its new CEO, while on gardening leave until his 12-month notice period concludes on 30 April 2025.
Elhedery will continue in the position of Group CFO during the “transition period”, with the bank stating that an announcement on his successor “will be made in due course”.
