HSBC Holdings plc today announced that Georges Elhedery has been appointed Group Chief Executive Officer, effective from 2 September 2024.
Georges Elhedery joined HSBC in 2005 and was appointed to the Board of Directors and Group Chief Financial Officer in January 2023. He was previously Co-CEO of Global Banking & Markets, where he also led Markets & Securities Services. He led the Group’s Middle East, North Africa and Turkiye region as CEO from July 2016 to February 2019.
Mr. Elhedery said:
“I am deeply honored by the trust placed in me to lead this great institution into the future. Working alongside 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 Officer and 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 Georges while 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 Managing Director of the Company under his service agreement will consist of a basic salary of £1,376,000 per annum, a fixed remuneration allowance of £1,700,000 per annum and a pension allowance of £137,600 per annum % of base salary of. He will receive benefits in accordance with our approved Directors’ remuneration policy.
Mr. Elhedery’s may be considered for discretionary variable compensation consisting 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 value of 320% of base salary.