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Beiruting News

Lebanese George ElHedery Appointed as New CEO of HSBC Holdings

24 july 2024

HSBC Holdings has named George ElHedery as its new Chief Executive Officer, upholding its tradition of selecting internal candidates to lead the bank.

In a statement released on Wednesday, the London-based bank announced that ElHedery will take on his new role starting September 2. He replaces Noel Quinn, who revealed in April his surprising decision to retire from HSBC after a career spanning over 30 years, including five years as CEO.

ElHedery, 50, steps into this position less than two years after being promoted to Chief Financial Officer. Before that, the Lebanese-born banker, who attended Grand Lycée Franco-Libanais school in Achrafieh and pursued further education in France, took a six-month sabbatical, during which he spent some time learning Mandarin.

The CEO role at HSBC is one of the most prestigious in global finance due to the bank’s extensive international presence, with key operations in the UK and Hong Kong, and significant activities in the United States, China, and Saudi Arabia.

In the statement, ElHedery expressed that he is "honored" to lead the bank.

The new CEO will receive a base salary of £1.38 million ($1.8 million), in addition to fixed allowances totaling £1.7 million and a pension allowance of £137,600. He will also be eligible for variable compensation, including annual bonuses up to 215% of his base salary and long-term incentives up to 320%.

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