Following the announcement of group chief Noel Quinn’s retirement in April, London-headquartered HSBC has unveiled his successor. As expected, an internal candidate was selected.

HSBC has appointed Georges Elhedery as group CEO, according to a statement, effective September 2. Elhedery joined HSBC in 2005 and held various senior roles before becoming group chief financial officer in 2023. He previously served as co-CEO of global banking & markets as well as CEO of the Middle East, North Africa and Turkey region. 

«I am delighted to confirm Georges as the next HSBC Group Chief Executive,» commented group chair Mark Tucker. «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.»

Retirement After 37 Years

In April, Noel Quinn announced that he would retire from HSBC after 37 years with the British lender, including five years in the group CEO role. According to Quinn, it was the right time to step down to get a «better balance between my personal and business life», adding that he intended to «pursue a portfolio career going forward».

Quinn will no longer be CEO on September 2 and he will remain available to the group and to Elhedery when on gardening leave until the completion of his 12-month notice period on 30 April 2025. 

CEO Search

Following Quinn's retirement announcement, the bank said it would aim to find a successor by the second half of 2024. At the time, head of wealth and personal banking Nuno Matos was reportedly seen as the top choice alongside Elhedery, as a recruitment firm was engaged to benchmark them against external candidates. 

«Since joining the Board as Group Chief Financial Officer in early 2023 and throughout the selection process, [Elhedery] has demonstrated his strategic insight and vision, and deep international perspectives,» Tucker said. «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.»