17th Jul 2024 17:31
(Alliance News) - HSBC Holdings PLC turned to Georges Elhedery to take it forward, in a move the same found unsurprising, and the new boss has work to do to make the firm a "stronger player on the battlefield".
HSBC said Elhedery, currently its finance chief, will take over as chief executive in September.
HSBC Chair Mark Tucker said in a statement: "I am delighted to confirm Georges as the next HSBC group chief executive.
"He is an exceptional leader and banker who cares passionately about the bank, our customers, and our people. He has a track record of leading through change, driving growth, delivering simplification, containing costs and brings a strong focus on execution.
"During his career, he has worked in Asia, the Middle East and Europe. Since joining the board as group chief financial officer in early 2023 and throughout the selection process, he has demonstrated his strategic insight and vision, and deep international perspectives.
"The board concluded that Georges was the outstanding candidate and we look forward to working together as he leads HSBC through the next phase of development and growth."
Elhedery joined HSBC in 2005 and was appointed to the board and as chief financial officer in January 2023.
"Georges Elhedery had been the favourite to get the top job at HSBC ever since Noel Quinn said he was stepping down, and confirmation that he will become the next CEO should reassure investors. He is seen as a safe choice and a solid pair of hands who already knows the business inside and out," AJ Bell analyst Dan Coatsworth commented.
"Safe and boring is arguably what a bank needs, rather than a maverick visionary. Running a bank doesn't require a thirst for innovation in the way a technology firm does; it needs someone with attention to detail, good communication skills and a sharp focus. Ultimately, Elhedery will need to ensure that each of the cogs that make up the business are running smoothly."
The AJ Bell analyst noted Elhedery's experience in the Muddle East "might come in handy if the bank wants to attract more of the region's wealthy individuals".
Coatsworth added: "Elhedery takes the wheel of a business in a good shape, but banking is a highly competitive industry and there is still a lot more to be done to make HSBC a stronger player on the battlefield."
Shares in HSBC closed down 0.8% at 658.91 pence each in London on Wednesday.
By Eric Cunha, Alliance News news editor
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