17 July 2024
HSBC HOLDINGS PLC
Georges elhedery appointed as 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 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 will continue in the role of
Group Chief Financial Officer 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.
For and on behalf of
HSBC Holdings plc
Aileen Taylor
Group Company Secretary and Chief
Governance Officer
HSBC Holdings plc
Registered Office and Group Head Office:
8 Canada Square, London E14 5HQ,
United Kingdom
Web: www.hsbc.com
Incorporated in England with limited liability. Registered in
England: number 617987
Supplementary Information
Mr Elhedery, aged 50, joined HSBC in
2005. He is currently an Executive Director and Group Chief
Financial Officer.
Mr Elhedery's remuneration as
Executive Director and Group Chief Executive of the Company under
his service contract will consist of a base salary of £1,376,000
per annum, a fixed pay allowance of £1,700,000 per annum and a
pension allowance of £137,600 per annum equal to 10% of his base
salary. He will receive benefits in accordance with our approved
Directors' remuneration policy.
Mr Elhedery's is eligible to be
considered for discretionary variable pay that consists of an
annual incentive award up to a maximum value of 215% of base
salary, and a long-term incentive award up to a maximum of 320% of
base salary. This is determined by the Remuneration Committee with
reference to the performance of the Company and his personal
performance, in accordance with the terms of our approved
Directors' remuneration policy.
Mr Elhedery has not held any
directorship in any other publicly listed companies, whether in
London, Hong Kong or overseas, during the previous five years and
he does not have any relationship with any directors, senior
management, substantial or controlling shareholders of the
Company.
As at the date of this announcement,
Mr Elhedery is interested in 2,545,618 ordinary shares of the
Company, representing in aggregate less than 0.02 per cent of the
issued shares of the Company, within the meaning of Part XV of the
Securities and Futures Ordinance of Hong Kong.
Note to editors:
1.
Professional Qualifications of Mr Elhedery
· Degree in Engineering,
Ecole Polytechnique, Paris, France
· Postgraduate degree in
Statistics and Economics, Ecole Nationale de la Statistique et de
l'Administration Economique (ENSAE), France
2.
HSBC Career History of Mr Elhedery
· Group Chief Financial
Officer - January 2023 to date
· Co-CEO, Global Banking
and Markets - March 2020 to December 2022
· Global Head of Markets
- March 2019 to February 2020
· CEO, Middle East, North
Africa and Turkiye - July 2016 to February 2019
· Head of Global Banking
and Markets, Middle East and North Africa - 2014 to July 2016
· Head of Global Markets
and Head of Capital Financing, Middle East and North Africa - 2013
to 2014
· Head of Global Markets,
Middle East and North Africa - 2010 to 2013
· Deputy Global Head of
Rates, Markets, Global Banking and Markets - 2009 to 2010
· Global Head of
Structured Rates, Global Banking and Markets - 2005 to 2009
3.
Board of Directors
The Board of Directors of HSBC
Holdings plc as at the date of this announcement
comprises:
Mark Edward Tucker*, Noel Paul
Quinn, Geraldine Joyce Buckingham†, Rachel
Duan†, Georges Bahjat Elhedery, Dame Carolyn Julie
Fairbairn†, James Anthony Forese†, Ann
Frances Godbehere†, Steven Craig
Guggenheimer†, Dr José Antonio Meade
Kuribreña†, Kalpana Jaisingh Morparia†,
Eileen K Murray†, Brendan Robert Nelson† and
Swee Lian Teo†.
*
Non-executive Group Chairman
† Independent non-executive
Director
4.
HSBC Group
HSBC Holdings plc, the parent
company of the HSBC Group, is headquartered in London. HSBC serves
customers worldwide from offices in 62 countries and territories.
With assets of US$3,001bn at 31 March 2024, HSBC is one of the
world's largest banking and financial services
organisations.
Media enquiries to:
Heidi
Ashley +44 (0) 7920
254057
heidi.ashley@hsbc.com