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HSBC has named Georges Elhedery as its next chief executive to replace Noel Quinn from September 2.
Elhedery, 50, the bank’s chief financial officer, had been seen as a frontrunner after Quinn announced in April that he would step down.
HSBC chair Sir Mark Tucker said Elhedery, who joined the bank in 2005, “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.”
The appointment was announced in a stock exchange filing on Wednesday.
Quinn surprised investors when he said he would step down after nearly five years leading HSBC. He started to overhaul the UK-listed lender to shed parts of its global operations and strengthen its focus on Asia, where it makes the largest share of its profits.
He also began an extensive restructuring of the bank, cutting 35,000 jobs and pledging to slash annual costs by $4.5bn.
Elhedery will be charged with helping HSBC navigate geopolitical tensions, particularly between China and the US, as well as a possible hit to profitability from the prospect of lower interest rates.
In the first quarter, HSBC said pre-tax profits fell nearly 2 per cent to $12.7bn compared with the same period last year, slightly beating analysts’ expectations of $12.6bn.
Elhedery said he was “deeply honoured” by the appointment.
Tucker thanked Quinn, who initially took over in 2019 on an interim basis after his predecessor John Flint was ousted following just 18 months on the job, “for his loyal commitment to the group over 37 years”.
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