UK-based banking giant HSBC has announced that Georges Elhedery, 50, will become its next chief executive, succeeding Noel Quinn who unexpectedly announced his retirement in April.
Elhedery, who joined HSBC in 2005, is currently the firm’s finance chief and is set to take on his new role starting September 2.
“Georges is an exceptional leader and banker who cares passionately about the Bank, our customers, and our people,” said HSBC’s chairman Sir Mark Tucker.
“I am deeply honoured by the trust placed in me to lead this great institution into the future,” Elhedery said.
During his tenure at HSBC, Elhedery has held several key positions, including co-head of the division that encompasses trading and investment banking advisory operations.
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Quinn, who has been with HSBC for 37 years, was initially appointed as interim chief executive in 2019 following the ousting of his predecessor John Flint.
He assumed the role permanently in March 2020. Under Quinn’s leadership, HSBC has divested several businesses worldwide, including its operations in Canada and plans to do the same in Argentina, as part of a strategy to concentrate on faster-growing markets in Asia.
Quinn also guided HSBC through the challenges of the pandemic and resisted pressure from a major shareholder to break up the 160-year-old institution.
The proposal to spin off HSBC’s Asia assets highlighted the difficulties faced by the bank amid rising tensions between the US and China.
In April, HSBC reported a 1.8% decline in profit for the first quarter of 2024 compared to the same period last year, with pre-tax profits amounting to $12.7 billion (£9.8 billion), slightly surpassing market expectations.
HSBC is scheduled to announce its financial results for the second quarter at the end of this month.
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