HSBC Holdings plc has announced that Georges Elhedery will take over as CEO on September 2nd, succeeding Noel Quinn who will retire on that date after serving for five years in the role. Elhedery, who is currently CFO of the group, joined the firm in 2005 and was appointed to the board and CFO role in January 2023. The bank considered both internal and external candidates for the role, ultimately selecting Elhedery. During his tenure, he led the Group’s Middle Eastern, North Africa and Turkiye region as CEO from July 2016 to February 2019, and previously served as co-CEO of global banking & markets.
HSBC reported a 1.8% drop in profit for the first three months of 2024, with pre-tax profits of £10 billion for the period. Quinn, who has been with the firm for 37 years, cited a desire for “a better balance between my personal and business life” as the reason for his retirement.
HSBC Group chairman Sir Mark Tucker praised Elhedery, describing him as “an exceptional leader and banker who cares passionately about the Bank, our customers, and our people. He has a track record of leading through change, driving growth, delivering simplification, containing costs and brings a strong focus on execution.” Elhedery will continue in the role of CFO during the transition period, and an announcement regarding his successor will be made in due course.
Quinn will remain available to the group and Elhedery during his gardening leave until April 30th, 2025. Sir Mark thanked Quinn for his leadership and commitment to the group over the past five years, and wished him well in his retirement.
