HSBC has announced the appointment of Georges Elhedery as the bank's next chief executive, with his tenure set to commence on September 2. Elhedery, who currently serves as the chief financial officer, will succeed Noel Quinn, who unexpectedly announced his retirement in April. The decision to appoint Elhedery was made after a rigorous selection process, with the board expressing confidence in his strategic insight, vision, and international perspectives.

Georges Elhedery, aged 50, has been associated with HSBC since 2005 and has held various significant roles within the organization. Notably, he previously served as the Co-CEO of Global Banking and Markets and led the bank's Middle Eastern, North African, and Turkish region. His appointment as the next chief executive is expected to drive the next phase of development and growth for HSBC.

The announcement has been met with positive remarks from HSBC's group chairman, Mark Tucker, who expressed his delight in confirming Georges as the next HSBC Group chief executive. Tucker highlighted Elhedery's track record of leading through change, driving growth, delivering simplification, containing costs, and bringing a strong focus on execution.

Elhedery himself expressed deep honor at the trust placed in him to lead the institution into the future. He emphasized his commitment to working with the talented team at HSBC to deliver exceptional value to clients and investors by driving strong performance on a sustainable growth trajectory.

The appointment of Georges Elhedery as the new chief executive is expected to mark a significant transition for HSBC as it continues its transformation and growth under his leadership.