HSBC HOLDINGS (00005.HK) Appoints Georges Elhedery as Group CEO, Effective 2 Sep

　　HSBC HOLDINGS (00005.HK) +0.100 (+0.149%) Short selling $67.52M; Ratio 29.758% announced that Georges Elhedery has been appointed as Group Chief Executive, with effect from 2 September 2024.

　　Noel Quinn will step down from the post and as an Executive Director of the board with effect from 2 September. Until then, Quinn will work closely with Elhedery to support a smooth and orderly handover of responsibilities. Quinn will also remain available to the Group and to Elhedery when on gardening leave until the completion of his 12-month notice period on 30 April 2025.

　　Elhedery 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.

　　Elhedery joined HSBC in 2005. He previously served as Co-CEO of Global Banking & Markets, where he also led the Markets & Securities Services division. He led the Groups Middle Eastern, North Africa and Turkey region as CEO from July 2016 to February 2019.

　　HSBC Group Chairman Mark Tucker commented that he is delighted to confirm Elhedery as the next HSBC Group CEO, and highlighted his track record of leading through change, driving growth, delivering simplification, containing costs and bringing a strong focus on execution. HSBC's board looked forward to working together with Elhedery as he leads the bank through the next phase of development and growth.

　　Tucker also thanked Quinn for his leadership of the Group over the past five years and for his loyal commitment to the Group for 37 years.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-17 12:25.)

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