HSBC announces Georges Elhedery appointed as Group Chief Financial Officer and Executive Director
HSBC has announced that Georges Elhedery is appointed Group Chief Financial Officer (CFO) and an Executive Director of the Board of Directors (the ‘Board’) from 1 January 2023. Greg Guyett is appointed Chief Executive of Global Banking and Markets (GBM), effective immediately. Ewen Stevenson will be stepping down as Group CFO and Executive Director on 31 December 2022 and will leave HSBC in April 2023.
The leadership has repositioned the business by exiting underperforming and nonstrategic portfolios, maintaining a tight grip on costs, and investing in areas of growth. HSBC is strongly committed to disciplined strategy execution, cost control and improving profitability. The bank is now well placed to accelerate its financial performance and deliver strong returns for shareholders.
As the bank approaches the end of its three-year transformation programme, the Board has taken the opportunity to review the composition of the Group Executive Committee with a particular focus on long-term succession planning. As a consequence, and having considered the recommendation of the Group Chief Executive, the Board has approved the appointment of a new Group Chief Financial Officer and the consolidation of the leadership of Global Banking and Markets into one role.
Noel Quinn, Group Chief Executive of HSBC, said: “Georges is an exceptional leader with strong experience of leading a global business and a major geographic region. He has a track record of driving growth and managing change, and brings a strong focus on execution. He also has the necessary technical and strategic capabilities to take on the role of Group CFO and to continue the delivery of the Board’s strategy. Greg has valuable experience both outside and, since late 2018, inside HSBC, and has done a great job leading Global Banking and Markets during Georges’ recent sabbatical. I’m delighted that he will be the CEO of Global Banking and Markets. I want to pay tribute to Ewen’s achievements and professionalism during his time with us and to thank him for his thoughtful and significant contribution to HSBC through a period of considerable change. He has been instrumental in materially repositioning the Bank’s strategy and performance, whilst also transforming the Finance function. He also helped drive our efforts to be a more inclusive bank on disability. We wish him all the best for his future career.”
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