Leadership changes at HSBC Holdings plc as of 25 Oct 2022

Leadership changes at HSBC Holdings plc as of 25 Oct 2022

(PRESS RELEASE) LONDON, 25-Oct-2022 — /EuropaWire/ — HSBC Holdings plc (LON: HSBA), one of the largest banking and financial services institutions in the world, has announced leadership changes at its executive Board of Directors. As of 1 January 2023, Georges Elhedery will become Group Chief Financial Officer (CFO) and an Executive Director of the Board of Directors while Greg Guyett will be appointed Chief Executive of Global Banking and Markets (GBM) with an immediate effect. Furthermore, Ewen Stevenson will step down as Group CFO and Executive Director on 31 December 2022 and will leave HSBC next year in April.

HSBC has made significant changes over the last three years. It is now more efficient and more competitive. The leadership has repositioned the business by exiting underperforming and non-strategic 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.”

Mark Tucker, Group Chairman, said:

“My fellow directors and I welcome Georges to the Board and congratulate Greg on his appointment. We would like to thank Ewen for all he has done for the bank. His leadership, financial expertise and operational rigour have been invaluable to HSBC, and he leaves with our very best wishes.”

Ewen Stevenson, Group Chief Financial Officer, said:

“It has been an absolute privilege to be part of the senior team leading a fundamental turnaround of the operating performance of HSBC over recent years. I would like to warmly thank my colleagues and friends who have made my time at the bank so fulfilling. I have strong confidence in the future of HSBC, and wish Noel, Georges and the rest of the senior leadership team well as they continue to deliver the strategy of the bank.”

The appendix contains a summary of the terms relating to Mr Stevenson’s departure from HSBC and the terms for Mr Elhedery. These financial terms are in line with HSBC’s shareholder approved Directors’ Remuneration Policy.

For and on behalf of
HSBC Holdings plc

Aileen Taylor
Group Company Secretary and Chief Governance Officer

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