Hong Kong-and-London-listed HSBC announced Georges Elhedery as the CFO successor lately.
The appointment of Elhedery will be effective in January 2023 while current CFO Ewen Stevenson will step down at end-December and leave the bank in April.
Stevenson is departing as the bank comes to the end of a three-year restructuring scheme, with tens of thousands of jobs cut and several major businesses sold.
“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,” HSBC CEO Neol Quinn said in a statement.
The CFO successor was previously HSBC’s co-CEO of global banking and markets. He returned from a six-month sabbatical in September but moved directly under Quinn rather than to his old job.
He joined the bank as a senior global markets executive in 2005. After the role of CEO of the bank’s operations in the Middle East, North Africa and Turkey, he took up the global banking and markets co-CEO role in March 2020.
According to a Bloomberg report, Quinn said the promotion of Elhedery was part of the bank’s long-term succession planning but he dismissed the idea that he would leave any time soon.
“I’m here for many years to come,” he was quoted as saying in a Financial Times report.
The CEO was cited as saying by Bloomberg that his goal was to make sure there are no less than three potential options that the board could consider within the bank.