Georges Elhedery is named HSBC's new group CEO, effective September 2.

On Wednesday, it was announced that Georges Elhedery has been appointed as the group CEO, effective from Sept. 2.

Noel Quinn, the current head, will be replaced by Elhedery, the current chief financial officer, in September.

Nearly five years after taking over as CEO, HSBC suddenly announced that Quinn would be stepping down.

Elhedery was appointed CEO of the company less than two years after being promoted to chief financial officer in January 2023. He will continue to serve as group CFO during the transition period, the company stated.

Elhedery expressed gratitude for the trust placed in him to lead the institution into the future. He stated that he is excited to work with the talented team to deliver exceptional value to clients and investors by driving strong performance on a sustainable growth trajectory.

Mark Tucker, HSBC Group Chairman, praised Elhedery as an exceptional leader and banker who deeply cares about the bank, its customers, and its employees.

The bank has not yet announced a successor to Elhedery as CFO.

Elhedery will work closely with Quinn to ensure a "smooth and orderly handover of responsibilities," HSBC said. Quinn will remain available to the company while on gardening leave until his 12-month notice period ends on April 30, 2025.

For 37 years, Quinn has been with the bank and has led it through difficulties such as the Covid-19 pandemic and trade tensions between China and the West. In 2019, he was appointed as interim CEO.

In April, Quinn stated that after five years of intense work, it was time for him to achieve a better equilibrium between his personal and professional life. He planned to pursue a portfolio career in the future.

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