HSBC appoints Georges Elhedery as Group Chief Executive

HSBC Holdings plc announces that Georges Elhedery has been appointed Group Chief Executive, effective September 2, 2024, continuing the bank's tradition of picking insiders to run the bank.

He replaces Noel Quinn, who in April announced his surprise decision to retire from the bank after a more than three-decade career, including five years as CEO.

Elhedery, 50, takes the role less than two years after his promotion to chief financial officer. Before that, the Lebanon-born, French-educated banker had a six-month sabbatical that included spending some of his time learning Mandarin.

Georges Elhedery joined HSBC in 2005 and was appointed to the Board as Group Chief Financial Officer in January 2023. He previously served as Co-CEO of Global Banking & Markets and led the Markets & Securities Services division. He led the Group’s Middle Eastern, North Africa and Turkiye region as CEO from July 2016 to February 2019.

Mr Elhedery said: “I am deeply honoured by the trust placed in me to lead this great institution into the future. Working together with our talented team, I look forward to delivering exceptional value to our clients and investors by driving strong performance on a sustainable growth trajectory.”

Georges will continue as Group Chief Financial Officer during the transition period and an announcement on his successor will be made in 'due course,' HSBC said.

The Company confirms that Noel Quinn will step down as Group Chief Executive and as an Executive Director of the Board on September 2. Until then, Noel will work closely with Georges to support a smooth and orderly handover of responsibilities.