Georges Elhedery Appointed as HSBC Group Chief Executive

HSBC Holdings plc (the ‘Company’) today announces that Georges Elhedery has been appointed as Group Chief Executive, with effect from 2 September 2024.

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.

“During his career he has worked in Asia, the Middle East and Europe. Since joining the Board as Group Chief Financial Officer in early 2023 and throughout the selection process, he has demonstrated his strategic insight and vision, and deep international perspectives.

“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.”

Georges Elhedery joined HSBC in 2005 and was appointed to the Board and as Group Chief Financial Officer 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.

Mr Georges 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.”

Georges Elhedery will continue in the role of Group Chief Financial Officer at HSBC during the transition period. An announcement in relation to Georges’ successor as Group CFO will be made in due course.

Today’s announcement follows an orderly and robust succession process, led by the Group Chairman and Nomination and Corporate Governance Committee with the support of a leading search firm. The process, which considered both internal and external candidates, built upon the Board’s long term Group CEO succession planning activity.

The Company confirms that Noel Quinn will step down as Group Chief Executive and as an Executive Director of the Board with effect from 2 September. Until then, Noel will work closely with Georges to support a smooth and orderly handover of responsibilities. He will remain available to the Group and to Georges when on gardening leave until the completion of his 12-month notice period on 30 April 2025.

In relation to Noel Quinn, Sir Mark said: “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.”

The appendix contains a summary of the terms for Mr Elhedery, which are in line with HSBC’s shareholder approved Directors’ Remuneration Policy.

Save as disclosed above and below, there are no other matters concerning the appointment of Georges Elhedery as Group Chief Executive that need to be brought to the attention of the shareholders of the Company, nor is there any other information required to be disclosed pursuant to Listing Rule 9.6.11 of the UK Listing Rules and Rule 13.51(2) of the Rules Governing the Listing of Securities on the Stock Exchange of the Hong Kong Limited.