HSBC Names Group CFO Georges Elhedery as Group Chief Executive -- Update

By Kosaku Narioka

HSBC Holdings appointed Group Chief Financial Officer Georges Elhedery as its new group chief executive after it unexpectedly announced earlier this year that its current chief would retire.

The London-based bank said Wednesday that the appointment would be effective from Sept. 2, when current CEO Noel Quinn will step down.

HSBC said in April that Quinn would retire to devote more time to his personal life and that he would remain at his post until the board designated a successor.

"The Board concluded that Georges was the outstanding candidate and we look forward to working together as he leads HSBC through the next phase of development and growth," Group Chairman Mark Tucker said.

Elhedery joined HSBC in 2005 and was appointed as Group CFO in January 2023. He was previously Co-CEO of global banking & markets.

HSBC said that an announcement in relation to Elhedery's successor as Group CFO would be made in due course.

Write to Kosaku Narioka at [e-mail]

(END) Dow Jones Newswires

07-17-24 0118ET