HSBC Holdings has appointed Georges Elhedery as group CEO with effect from September 2, 2024.
Elhedery joined HSBC in 2005 and was appointed to the Board and as group chief financial officer in January 2023.
“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,” HSBC group chairman Mark 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,” he added.
Previous roles
Elhedery 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.
“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 said.
Elhedery will continue in the role of group CFO during the transition period. An announcement in relation to Georges’ successor as Group CFO will be made in due course.
The company also confirmed that Noel Quinn will step down as group CEO and as an executive director of the Board with effect from September 2. Until then, Noel will work closely with Georges to support a smooth and orderly handover of responsibilities.
More about Georges Elhedery
Elhedery, 50, was born in Lebanon. He later moved to France. Elhedery holds a degree in engineering from Ecole Polytechnique, Paris, France.
He also holds a postgraduate degree in statistics and economics from Ecole Nationale de la Statistique et de l’Administration Economique (ENSAE), France.
Salary and shareholding
Elhedery’s remuneration as executive director and group CEO will consist of a base salary of £1,376,000 ($1.8 million) per annum, a fixed pay allowance of £1,700,000 per annum and a pension allowance of £137,600 per annum equal to 10 per cent of his base salary. He will receive benefits in accordance with the company’s approved directors’ remuneration policy.
Elhedery is also eligible to be considered for discretionary variable pay that consists of an annual incentive award up to a maximum value of 215 percent of base salary, and a long-term incentive award up to a maximum of 320 percent of base salary.
Elhedery holds 2,545,618 ordinary shares of the company, representing in aggregate less than 0.02 per cent of the issued shares.
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