HSBC Holdings plc has named its next CEO.
Noel Quinn, who has performed the role for the last five years, is to retire on September 2nd. Until that date he will work on a handover to successor Georges Elhedery, currently CFO of the group.
Europe’s largest bank had considered both internal and external candidates for the role. It has opted for Elhedery, who joined the firm in 2005 and was appointed to the board and CFO role in January 2023.
He previously served as co-CEO of global banking & markets, where he also 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.
HSBC reported a 1.8% drop in profit for the first three months of 2024. Pre-tax profits were £10 billion for the period.
“After an intense five years, it is now the right time for me to get a better balance between my personal and business life,” Quinn said when announcing his decision to retire after 37 years at the firm.
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HSBC Group chairman Sir Mark Tucker said: “I am delighted to confirm Georges as the next HSBC group chief executive. He is 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.
“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.”
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.”
Elhedery will continue in the role of CFO during the transition period. An announcement in relation to his successor in the role will be made in due course.
Quinn will remain available to the group and Elhedery when on gardening leave until the completion of his 12-month notice period on 30th April 2025.
Sir Mark added: “I would like to express my warm and sincere thanks to Noel for his leadership of the group over the past five years and for his loyal commitment to the group for 37 years.
“On behalf of the board, I wish him very well on his retirement and in all his future endeavours.”