HSBC Holdings plc today announced that Georges Elhedery has been appointed as Group Chief Executive, with effect from 2 September 2024.
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 Elhedery will continue in the role of Group Chief Financial Officer during the transition period.
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, he will work closely with Georges Elhedery 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.
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.
