HSBC promotes CFO Elhedery to chief executive, replacing Quinn who retires in September
- Elhedery, 50, previously held the role of co-CEO of HSBC’s global banking and markets division before being appointed as the CFO in January 2023
HSBC, the largest lender in Europe and Hong Kong, has promoted its chief financial officer (CFO) Georges Elhedery as chief executive to replace Noel Quinn, who retires on September 1.
Elhedery, 50, joined the London-based bank in 2005, according to a biography on the bank’s website. He previously held the role of co-CEO of HSBC’s global banking and markets division before being appointed as the CFO in January 2023.
Elhedery said he was “deeply honoured” to be taking up the role. He will continue in the role of CFO during the transition period.
“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,” he said in a statement.
The appointment of an internal candidate was widely expected, according Nick Lord, an analyst at Morgan Stanley.
“We do not expect a material share price reaction, and this announcement will remove one source of uncertainty for the stock, in our view,” he said.