FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the
month of July
HSBC Holdings plc
42nd
Floor, 8 Canada Square, London E14 5HQ, England
(Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F).
Form
20-F X Form 40-F
17 July
2024
HSBC HOLDINGS PLC
GEORGES ELHEDERY APPOINTED AS GROUP CHIEF EXECUTIVE
HSBC Holdings plc (the 'Company') today announces that Georges
Elhedery has been appointed as Group Chief Executive, with effect
from 2 September 2024.
HSBC Group Chairman, Sir Mark Tucker, said: "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."
Georges Elhedery joined HSBC in 2005 and was appointed to the Board
and as Group Chief Financial Officer in January 2023. He previously
served as Co-CEO of Global Banking & Markets, where he also led
the Markets & Securities Services division. He led the Group's
Middle Eastern, North Africa and Turkiye region as CEO from July
2016 to February 2019.
Mr Elhedery said: "I am deeply honoured by the trust placed in me
to lead this great institution into the future. Working together
with 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 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.
Today's announcement follows an orderly and robust succession
process, led by the Group Chairman and Nomination and Corporate
Governance Committee with the support of a leading search firm. The
process, which considered both internal and external candidates,
built upon the Board's long term Group CEO succession planning
activity.
The Company confirms that Noel Quinn will step down as Group Chief
Executive and as an Executive Director of the Board with effect
from 2 September. Until then, Noel will work closely with Georges
to support a smooth and orderly handover of responsibilities. He
will remain available to the Group and to Georges when on gardening
leave until the completion of his 12-month notice period on 30
April 2025.
In relation to Noel Quinn, Sir Mark said: "I would like to express
my warm and sincere thanks to Noel for his leadership of the Group
over the past five years and for his loyal commitment to the Group
for 37 years. On behalf of the Board, I wish him very well on his
retirement and in all his future endeavours."
The appendix contains a summary of the terms for Mr Elhedery, which
are in line with HSBC's shareholder approved Directors'
Remuneration Policy.
Save as disclosed above and below, there are no other matters
concerning the appointment of Georges Elhedery as Group Chief
Executive that need to be brought to the attention of the
shareholders of the Company, nor is there any other information
required to be disclosed pursuant to Listing Rule 9.6.11 of the UK
Listing Rules and Rule 13.51(2) of the Rules Governing the Listing
of Securities on the Stock Exchange of the Hong Kong
Limited.
For and on behalf of
HSBC Holdings plc
Aileen Taylor
Group Company Secretary and Chief Governance Officer
HSBC Holdings plc
Registered Office and Group Head Office:
8
Canada Square, London E14 5HQ, United Kingdom
Web: www.hsbc.com
Incorporated in England with limited liability. Registered in
England: number 617987
Supplementary Information
Mr Elhedery, aged 50, joined HSBC in 2005. He is currently an
Executive Director and Group Chief Financial Officer.
Mr Elhedery's remuneration as Executive Director and Group Chief
Executive of the Company under his service contract will consist of
a base salary of £1,376,000 per annum, a fixed pay allowance
of £1,700,000 per annum and a pension allowance of
£137,600 per annum equal to 10% of his base salary. He will
receive benefits in accordance with our approved Directors'
remuneration policy.
Mr Elhedery's is eligible to be considered for discretionary
variable pay that consists 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 of 320% of base salary. This is determined by
the Remuneration Committee with reference to the performance of the
Company and his personal performance, in accordance with the terms
of our approved Directors' remuneration policy.
Mr Elhedery has not held any directorship in any other publicly
listed companies, whether in London, Hong Kong or overseas, during
the previous five years and he does not have any relationship with
any directors, senior management, substantial or controlling
shareholders of the Company.
As at the date of this announcement, Mr Elhedery is interested in
2,545,618 ordinary shares of the Company, representing in aggregate
less than 0.02 per cent of the issued shares of the Company, within
the meaning of Part XV of the Securities and Futures Ordinance of
Hong Kong.
Note to editors:
1. Professional Qualifications of Mr
Elhedery
● Degree in Engineering, Ecole Polytechnique, Paris,
France
● Postgraduate degree in Statistics and Economics,
Ecole Nationale de la Statistique et de l'Administration Economique
(ENSAE), France
2. HSBC Career History of Mr
Elhedery
● Group Chief Financial Officer - January 2023
to date
● Co-CEO, Global Banking and Markets - March
2020 to December 2022
● Global Head of Markets - March 2019 to
February 2020
● CEO, Middle East, North Africa and Turkiye -
July 2016 to February 2019
● Head of Global Banking and Markets, Middle
East and North Africa - 2014 to July 2016
● Head of Global Markets and Head of Capital
Financing, Middle East and North Africa - 2013 to
2014
● Head of Global Markets, Middle East and
North Africa - 2010 to 2013
● Deputy Global Head of Rates, Markets, Global
Banking and Markets - 2009 to 2010
● Global Head of Structured Rates, Global
Banking and Markets - 2005 to 2009
3. Board of Directors
The
Board of Directors of HSBC Holdings plc as at the date of this
announcement comprises:
Mark Edward Tucker*, Noel Paul Quinn, Geraldine Joyce
Buckingham†,
Rachel Duan†,
Georges Bahjat Elhedery, Dame Carolyn Julie
Fairbairn†,
James Anthony Forese†,
Ann Frances Godbehere†,
Steven Craig Guggenheimer†,
Dr José Antonio Meade Kuribreña†,
Kalpana Jaisingh Morparia†,
Eileen K Murray†,
Brendan Robert Nelson† and
Swee Lian Teo†.
* Non-executive Group Chairman
† Independent
non-executive Director
4. HSBC Group
HSBC Holdings plc, the parent company of the HSBC Group, is
headquartered in London. HSBC serves customers worldwide from
offices in 62 countries and territories. With assets of US$3,001bn
at 31 March 2024, HSBC is one of the world's largest banking and
financial services organisations.
Media enquiries to:
Heidi Ashley +44 (0) 7920
254057 heidi.ashley@hsbc.com
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
HSBC
Holdings plc
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By:
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Name:
Aileen Taylor
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Title:
Group Company Secretary and Chief Governance Officer
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Date:
17 July 2024
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