HSBC, the London-headquartered multinational banking and financial services company, has announced a new CEO. Georges Elhedery, currently the finance chief of HSBC, will take over as CEO from September 2.
Elhedery's appointment comes after Noel Quinn unexpectedly announced his retirement in April after leading the bank since 2019. Quinn had been with HSBC for a total of 37 years and oversaw several sales of the bank's businesses around the world, including its operations in Canada and plans to sell its business in Argentina.
Elhedery joined HSBC in 2005 and has held several roles within the company. He is known for his strategic insight, international perspectives, and deep care for the bank's customers and people.
HSBC Chairman Sir Mark Tucker expressed his excitement about Elhedery's appointment, stating that he is an exceptional leader who cares passionately about the Bank and its stakeholders. Elhedery himself expressed his honor at being trusted to lead HSBC into the future.
Elhedery will continue to serve as CFO during the transition period. Quinn will remain available to HSBC until his notice period ends on April 30, 2025.
HSBC has a rich history of over 160 years and is known for its focus on Asia. The bank recently reported a pre-tax profit of $12.7bn for the first quarter of 2024, which was slightly better than expected by market analysts.
Elhedery's appointment marks another change in leadership at HSBC following the departure of John Flint as CEO in 2019. The bank has faced challenges such as increased tensions between the US and China, trade disputes, and the Covid-19 pandemic under Quinn's tenure.
