HSBC appoints current finance chief Georges Elhedery to CEO

By Louis Goss

HSBC Holdings on Wednesday said its current chief financial officer, Georges Elhedery, will take over from Noel Quinn as its new CEO.

Elhedery, who first joined HSBC in 2005, will succeed Quinn on September 2, following a handover period that will pave the way for the incumbent CEO's retirement, the bank said in a statement on Wednesday.

The Lebanese born banker had been seen as the natural successor to Quinn having worked as HSBC's finance chief since 2023 following a six-month sabbatical from the lender in which he reportedly learned basic Mandarin.

The 50-year-old, who also speaks English, French, German and Arabic, previously worked in various positions across HSBC including as co-CEO of its Global Markets & Banking division.

After spending his childhood in Beirut, Elhedery completed a degree in engineering at the prestigious École Polytechnique in Paris before reportedly taking up jobs at both Goldman Sachs and BNP Paribas prior to joining HSBC as a senior Global Markets executive in 2005.

HSBC shares (UK:HSBA) (HSBC) , listed on the London stock exchange, were down fractionally on Wednesday having increased by 5% in the year-to-date.

In his new position, Elhedery will be tasked with navigating mounting tensions between the U.S. and China which have driven calls from HSBC's top shareholder, Ping An, for a break up of the dual London and Hong Kong listed lender

Ping An, China's biggest insurance company, previously voted against plans to reappoint Quinn as HSBC's CEO in May 2024 before cutting its stake in the bank which is currently Europe's largest lender.

Quinn previously announced he would be stepping down from his position in April, having spent an "intense" five year stint as the bank's CEO at the end of a long 37 years of service.

The 62-year-old Englishman, who grew up in Birmingham before studying a degree in accounting at Birmingham Polytechnic, started his career at Forward Trust Group, a subsidiary of Midland Bank in 1987, before it was acquired by HSBC five years later in 1992.

HSBC Group Chairman, Sir Mark Tucker described Elhedery as an "exceptional leader and banker" who has demonstrated his "strategic insight and vision, and deep international perspectives" in his position as CFO.

"He has a track record of leading through change, driving growth, delivering simplification, containing costs and brings a strong focus on execution," Tucker said.

-Louis Goss

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07-17-24 0615ET

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