From CNBC: 2024-07-17 01:24:35

HSBC appoints Georges Elhedery as group CEO, replacing Noel Quinn in September. Elhedery, current CFO, was promoted to CFO in 2023. Quinn unexpectedly announced departure in April. Elhedery will continue as CFO during transition. Quinn to assist with handover until April 2025. Hong Kong shares down 0.15%.

Elhedery praised for strategic insight and vision, having worked in Asia, Europe, Middle East. Board sees him as exceptional leader, banker. No successor named for Elhedery as CFO yet. Quinn led HSBC through pandemic and global trade tensions. Joined bank 37 years ago, served interim CEO in 2019.

Quinn expresses desire for better work-life balance post intense five years. Plans for portfolio career. Elhedery set to take over as CEO on Sept. 2. HSBC stock down slightly on announcement day. Quinn to stay on during handover until April 2025. Elhedery grateful for trust, looks to drive growth.

Read more: HSBC appoints Georges Elhedery as group CEO starting Sept. 2