HSBC has appointed Georges Elhedery as Group CEO, effective from September 2, according to a statement. Elhedery joined HSBC in 2005 and held various leadership positions before becoming Group Chief Financial Officer in 2023. Prior to that, he was Co-CEO of the Global Banking & Markets division and CEO of the Middle East, North Africa, and Turkey region.

«I am pleased to confirm Georges as the next HSBC Group Chief Executive,» commented Group Chair Mark Tucker. «He is an exceptional leader and banker who is passionately committed to our bank, our customers, and our employees. He has a proven track record in leading through change, driving growth, simplifying processes, and controlling costs, and he brings a strong focus on execution.»

Retirement after 37 Years

In April, Noel Quinn announced that he would retire after 37 years with the British bank HSBC, including five years as Group CEO. According to Quinn, it was the right time to step down to achieve a «better balance between my personal and professional life.» He added that he intends to pursue a portfolio career in the future.

The bank then announced that it intended to find a successor by the second half of 2024. At that time, the head of the Wealth and Personal Banking division, Nuno Matos, along with Elhedery, was considered a top candidate, as an executive search firm was engaged to compare them with external candidates.

«Since joining the board as Group Chief Financial Officer at the beginning of 2023 and throughout the selection process, [Elhedery] has demonstrated his strategic insight and vision as well as his deep international perspectives,» said Tucker. «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.»