Three months after the unexpected announcement of Noel Quinn’s departure, HSBC has once again sourced its new chief executive from within its ranks, in a bid to build on the ongoing cost-cutting and eastward reorientation of the bank’s strategy.
Georges Elhedery, the bank’s CFO for the past year, was announced this morning as Quinn’s successor, and will take up the new position at the start of September. While his appointment as CEO extends a tradition of internal hiring that goes back 20 years, the Lebanese-born banker is the first non-Brit to hold the role.
