Two internal candidates are reportedly favored as potential successors to Noel Quinn who announced his retirement as CEO last month. Chairman Mark Tucker previously noted that the bank expects to complete the replacement search in the second half of 2024.
The search for the successor to CEO Noel Quinn is underway at HSBC after he announced his decision to retire following 37 years with the British lender. According to a «Bloomberg» report citing unnamed sources, the bank prefers to select from internal candidates with chief financial officer (CFO) Georges Elhedery as well as head of wealth and personal banking (WPB) Nuno Matos as the leading choices.
HSBC has engaged a recruitment firm to benchmark Elhedery and Matos against external candidates. No final decision has been made and the board could still change direction.
Financial Experience
Elhedery joined HSBC in 2005 and has extensive trading experience in the bank’s global markets unit in London, Paris and Tokyo. Before becoming CFO in 2023, the Lebanese native served as regional head of global markets, Middle East and North Africa (MENA); head of global banking & markets, MENA; CEO for Middle East, North Africa and Turkey; and head of global markets in London.
Portuguese native Matos has 30 years of financial services experience, shifting from Banco Santander to HSBC in 2015. Prior to his appointment as WPB head, he held various senior roles at the British lender including CEO of HSBC Mexico; regional head of retail banking and wealth management in Latin America; and CEO of HSBC Bank plc and HSBC Europe.
