HSBC announced on Wednesday that it has appointed Georges Elhedery as group CEO, starting Sept. 2.
Elhedery, who is the current chief financial officer, will replace outgoing head Noel Quinn in September.
In late April, HSBC unexpectedly announced that Quinn would depart after nearly five years at the helm.
Quinn said at that time: “After an intense five years, it is now the right time for me to get a better balance between my personal and business life. I intend to pursue a portfolio career going forward.”
Quinn has led the bank through challenges such as the Covid-19 pandemic and trade tensions between China and the West. He has been with the bank for 37 years, and was appointed as interim CEO in 2019.
Elhedery’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.
“He is an exceptional leader and banker who cares passionately about the Bank, our customers, and our people,” said HSBC Group Chairman Mark Tucker.
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