TIDMHSBA
RNS Number : 9990D
HSBC Holdings PLC
25 October 2022
25 October 2022
HSBC HOLDINGS PLC ANNOUNCES GEORGES ELHEDERY APPOINTED AS GROUP
CHIEF FINANCIAL OFFICER AND EXECUTIVE DIRECTOR, GREG GUYETT
APPOINTED CEO OF GBM - EWEN STEVENSON TO STEP DOWN
HSBC Holdings plc (the 'Company') announces 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.
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
Supplementary information
Mr Stevenson, aged 56, joined HSBC on 1 December 2018 and was
appointed to the Board as Group Chief Financial Officer and
Executive Director in January 2019.
Save as disclosed above and in the Appendix, there are no other
matters concerning the resignation of Mr Stevenson that need to be
brought to the attention of the shareholders of the Company.
Mr Elhedery, aged 48, served on the board of The Saudi British
Bank, a company listed on the Saudi Stock Exchange, from 11
December 2016 to 1 September 2019. He has not held any other
directorships in any other publicly listed company, whether in
London, Hong Kong or overseas, during the previous five years.
Mr Elhedery 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 1,557,297 shares of the Company, representing
approximately 0.008% of the issued shares of the Company, within
the meaning of Part XV of the Securities and Futures Ordinance of
Hong Kong.
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 Directors'
Remuneration Policy, which was approved by shareholders at the 2022
Annual General Meeting.
There are no matters relating to the appointment of Mr Elhedery
that need to be disclosed pursuant to Listing Rule 9.6.13(2) to (6)
of the Listing Rules of the Financial Conduct Authority. Save as
disclosed above and in the Appendix, there is no other information
required to be disclosed pursuant to Rule 13.51(2) of the Rules
Governing the Listing of Securities on The Stock Exchange of Hong
Kong Limited.
Notes to editors:
1. Professional qualifications of Mr Elhedery:
-- Degree in Engineering, École Polytechnique, Paris, France
-- Postgraduate degree in Statistics and Economics, École
Nationale de la Statistique et de l'Administration Économique
(ENSAE), France
2. HSBC career history and other appointments of Mr
Elhedery:
-- Co-CEO of Global Banking and Markets - March 2020 to date
-- Global Head of Markets - March 2019 to February 2020
-- CEO Middle East, North Africa and Turkey - 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
3. The Board of Directors of HSBC Holdings plc as at the date of
this announcement comprises:
Mark Tucker*, Noel Quinn, Geraldine Buckingham , Rachel Duan ,
Carolyn Julie Fairbairn , James Anthony Forese , Steven
Guggenheimer , José Antonio Meade Kuribreña , Eileen K Murray ,
David Nish , Ewen Stevenson and Jackson Tai .
* Non-executive Group Chairman
Independent non-executive Director
4. The HSBC Group
HSBC Holdings plc, the parent company of HSBC, is headquartered
in London. HSBC serves customers worldwide from offices in 63
countries and territories in its geographical regions: Europe,
Asia, North America, Latin America, and Middle East and North
Africa. With assets of US$2,992bn at 30 September 2022, HSBC is one
of the world's largest banking and financial services
organisations.
Appendix
Ewen Stevenson steps down from the Board and as Group CFO on 31
December 2022 and ceases employment with the Company on 30 April
2023 ('the Departure Date'). Mr Stevenson will receive a payment of
up to GBP417,885 from the Company in lieu of his base salary and
pension allowance from the Departure Date until 25 October 2023,
which is the date on which his notice period ceases. The payment in
lieu of notice will be paid shortly following the Departure Date.
He will also receive his fixed pay allowance in respect of the
unserved notice period.
Mr Stevenson will be eligible to be considered for an annual
incentive award in respect of the 2022 performance year, subject to
an assessment of the relevant performance measures and his
contribution over the year. Any award will be disclosed in the
directors' remuneration report. Mr Stevenson will not be eligible
for a Long Term Incentive ('LTI') award in respect of the 2022
performance year, or any annual incentive award in respect of the
2023 performance year.
Mr Stevenson has been granted Good Leaver status, in accordance
with the respective plan rules, in respect of the deferred awards
and the LTI awards that he holds that are due to vest after the
Departure Date. His Good Leaver status is conditional upon him not
taking up a role with a defined list of competitor financial
services firms for a year from his Departure Date.
As a Good Leaver his deferred share awards will continue to vest
and be released on their scheduled vesting dates, subject to the
relevant terms (including post-vesting retention periods, malus
and, where applicable, clawback). Any vesting of his LTI awards
will be pro-rated for the period up to the Departure Date and will
be subject to the relevant terms (including post-vesting retention
periods, malus and, where applicable, clawback).
In addition to the above, the Company will make a contribution
towards Mr Stevenson's legal fees incurred in connection with his
departure arrangements. In line with the Directors' Remuneration
Policy, Mr Stevenson will also be entitled to receive medical
cover, tax and legal advice for a period of up to seven years from
the Departure Date in relation to services provided to the Company.
Mr Stevenson will continue to be covered by the Company's D&O
insurance and will benefit from an indemnity in respect of third
party liabilities.
Mr Stevenson will receive no other compensation or payment for
the termination of his service agreement or his ceasing to be a
director of the Company or any other Group company.
The above information is provided in compliance with section
430(2B) of the Companies Act 2006.
Georges Elhedery's appointment as an Executive Director will be
commencing on 1 January 2023 and will continue thereafter subject
to a 12 month notice period on either side, subject to election at
the next annual general meeting of the Company. His remuneration as
Executive Director and Group CFO of the Company will consist of a
base salary of GBP780,000 per annum, a fixed pay allowance of
GBP1,085,000 per annum and a pension allowance of GBP78,000 per
annum equal to 10% of his base salary. He will also receive
benefits in accordance with our approved Directors' Remuneration
Policy.
Share awards made to Mr Elhedery prior to his appointment will
continue subject to their existing terms. For 2023 and future
performance years, Mr Elhedery will be eligible to be considered
for discretionary variable pay according to the terms of our
approved Directors' Remuneration Policy.
Media enquiries to:
UK
Kirsten Smart +44 (0) 7725 733 311 pressoffice@hsbc.com
Gillian James +44 (0) 7584 404 238
HK
Aman Ullah +852 394 11120 aspmediarelations@hsbc.com.hk
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END
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