HSBC: Georges Elhedery appointed as Group Chief Executive
ΗSBC Holdings plc (the ‘Company’) announced that Georges Elhedery has been appointed as Group Chief Executive, with effect from 2 September 2024.
HSBC Group Chairman, Sir Mark Tucker, said: “I am delighted to confirm Georges as the next HSBC Group Chief Executive. He is an exceptional leader and banker who cares passionately about the Bank, our customers, and our people. He has a track record of leading through change, driving growth, delivering simplification, containing costs and brings a strong focus on execution.
“During his career he has worked in Asia, the Middle East and Europe. Since joining the Board as Group Chief Financial Officer in early 2023 and throughout the selection process, he has demonstrated his strategic insight and vision, and deep international perspectives.
“The Board concluded that Georges was the outstanding candidate and we look forward to working together as he leads HSBC through the next phase of development and growth.”
Georges Elhedery joined HSBC in 2005 and was appointed to the Board and as Group Chief Financial Officer in January 2023. He previously served as Co-CEO of Global Banking & Markets, where he also led the Markets & Securities Services division. He led the Group’s Middle Eastern, North Africa and Turkiye region as CEO from July 2016 to February 2019.
Mr Elhedery said: “I am deeply honoured by the trust placed in me to lead this great institution into the future. Working together with our talented team, I look forward to delivering exceptional value to our clients and investors by driving strong performance on a sustainable growth trajectory.”
Georges will continue in the role of Group Chief Financial Officer during the transition period. An announcement in relation to Georges’ successor as Group CFO will be made in due course.
The announcement follows an orderly and robust succession process, led by the Group Chairman and Nomination and Corporate Governance Committee with the support of a leading search firm. The process, which considered both internal and external candidates, built upon the Board’s long term Group CEO succession planning activity.
The Company confirms that Noel Quinn will step down as Group Chief Executive and as an Executive Director of the Board with effect from 2 September. Until then, Noel will work closely with Georges to support a smooth and orderly handover of responsibilities. He will remain available to the Group and to Georges when on gardening leave until the completion of his 12-month notice period on 30 April 2025.
In relation to Noel Quinn, Sir Mark said: “I would like to express my warm and sincere thanks to Noel for his leadership of the Group over the past five years and for his loyal commitment to the Group for 37 years. On behalf of the Board, I wish him very well on his retirement and in all his future endeavours.”
The appendix contains a summary of the terms for Mr Elhedery, which are in line with HSBC’s shareholder approved Directors’ Remuneration Policy.
Save as disclosed above and below, there are no other matters concerning the appointment of Georges Elhedery as Group Chief Executive that need to be brought to the attention of the shareholders of the Company, nor is there any other information required to be disclosed pursuant to Listing Rule 9.6.11 of the UK Listing Rules and Rule 13.51(2) of the Rules Governing the Listing of Securities on the Stock Exchange of the Hong Kong Limited.
Aki Hussain to succeed Bronek Masojada as Group Chief Executive on 1st January 2022
Specialist global insurer Hiscox announces today that after 21 years as Group Chief Executive, Bronek Masojada has informed the Board of his intention to retire at the end of the year. Following a thorough succession process, the Board is delighted to announce that it has appointed Aki Hussain, currently Group Chief Financial Officer, as Group Chief Executive from January 2022, subject to regulatory approval.
Robert Childs, Hiscox Group Chairman, commented: “I would like to thank Bronek for his outstanding contribution to the Hiscox Group. His energy and passion to move the business forward has resulted in three decades of strong growth and transformed Hiscox into a leading diversified specialist insurer with a great future ahead of it.
“We are delighted that Aki will be our new CEO and the Board were unanimous in endorsing this appointment. Aki’s ambition, drive and knowledge of the Hiscox Group, combined with his many years’ experience delivering for a variety of financial services organisations, makes him well placed to capture the many opportunities ahead.”
Bronek Masojada, Hiscox Group Chief Executive Officer, commented: “It has been an incredible privilege to lead Hiscox and be part of its journey over the last 28 years. The business is on a very strong footing with market conditions the best we have experienced for many years and the time is right to hand over to new leadership. I have worked closely with Aki for the last five years, and his impressive banking, telecoms and media experience make him a great choice to lead the business.
“I look forward to delivering our half year results on the 3rd of August and building on the strong performance we set out in the Q1 trading update.”
Aki Hussain, Hiscox Group Chief Financial Officer, commented: “I am honoured to be taking over the leadership of this dynamic company. I am excited about the long term potential of our business, we have exceptional talent, a market leading position and a strong balance sheet.
“I would also like to thank Bronek for getting us here. The Group’s strategy of balance and diversification creates opportunities across all our business divisions. In big-ticket lines where rates are hardening, we have market-leading operations with decades of underwriting pedigree, while our long-term investment in digital trading means we are well poised to benefit from the explosive opportunity in retail.”
Bronek will remain in place until the end of the year allowing for a smooth transition while a search for a new Group CFO is conducted.
Aki’s appointment followed a full and independent process led by the Nominations and Governance Committee, supported by a leading search firm. This involved a global search and the assessment of internal and external candidates.
Bronek Masojada
After working for McKinsey & Co, Bronek joined in 1993 as Managing Director when Hiscox was a Lloyd’s underwriter, with fewer than 200 people in one location. Hiscox listed on the London Stock Exchange in 1995 with a market cap of £150 million. Bronek was appointed CEO in 2000 and by 2020, mainly through sustainable, organic growth Hiscox had become a balanced international insurance Group with a market cap of around £3 billion. During his tenure Hiscox has pursued a diversification strategy, and established itself as a leading multi-market, multi-channel insurance and reinsurance company. Under Bronek’s leadership, Hiscox has built leading digital insurance businesses in the UK, US and Europe which now account for nearly $600 million of gross written premiums. Throughout his career he has championed the modernisation of the insurance industry, serving as Deputy Chairman of Lloyd’s, President of the Insurance Institute of London and Master of the Worshipful Company of Insurers. He has been on the Board of the Association of British Insurers since 2012. He is currently Alderman for the Ward of Billingsgate in the City of London.
Aki Hussain
Aki joined Hiscox in 2016 as Chief Financial Officer for the Group. He was appointed to the Hiscox Board in 2016 and is also Chair of Hiscox Re & ILS. He is responsible for ensuring the Group’s ongoing capital strength, overseeing the Group’s investment portfolio of $7.63 billion and leading a team of 250 finance experts across multiple geographies. Recently, Aki successfully delivered a complex, multi-year finance transformation programme to overhaul outdated legacy systems and vastly improve financial insight and reporting across the Group.
Aki has over 15 years of financial services experience gained across insurance, accounting and banking. Prior to joining Hiscox, he was Chief Financial Officer of Prudential plc. UK & Europe. He has also held a number of other senior roles in the financial services, media and telecoms sectors, serving as Finance Director for the Consumer Bank division at Lloyds Banking Group, and Finance Director for the Consumer division of NTL (now Virgin Media).
Aki is also a Chartered Accountant, having trained with KPMG. Aki has a BA degree in Accounting and Finance from the University of Leeds, an ACA from the Institute of Chartered Accountants in England and Wales and is a Fellow of the ICAEW. In addition, he serves as an Independent Non-Executive Director and Audit Committee Chair at Visa Europe Limited.
HSBC appoints Noel Quinn as Group Chief Executive
HSBC Holdings plc announces that Noel Quinn is appointed Group Chief Executive Officer. This is effective immediately.
Group Chairman Mark Tucker, who led the global search, said:
“Noel has proven to be the outstanding candidate to take on a role permanently that he has performed impressively on an interim basis since August 2019. He is a strong and proven leader with extensive global banking expertise, deep client relationships and the energy and skill to drive the business forward at pace. In the last few months Noel has worked closely with the Board to agree the key actions required to build and enhance performance on a sustainable basis. He has shown a great understanding of HSBC, the challenges we face and the significant opportunities for growth that lie ahead. We wish him the very best in taking HSBC forward.”
Noel Quinn said:
“I am honoured to be given the opportunity to lead HSBC as Group CEO. In leading the bank on an interim basis for the last few months, I have really enjoyed working with Mark, the Board and over 230,000 colleagues around the world to reposition the Bank for success in the future. HSBC is an outstanding global company with talented and dedicated people. There is much that remains to be done and I am confident that we will rise to the challenge and deliver for our shareholders, customers, employees and society at large.”
HSBC Holdings plc Group Chief Executive steps down and appointment of interim Group Chief Executive
HSBC Holdings plc announces that John Flint has today stepped down as Group Chief Executive and as a Director by mutual agreement with the Board. Although not carrying out his day-to-day duties after today, he remains available to assist HSBC with the transition.
Mark Tucker, Group Chairman of HSBC, said:
“On behalf of the Board, I would like to thank John for his personal commitment, dedication and the significant contribution that he has made over his long career at the Bank. Today’s positive interim results particularly reflect John’s achievements as Group Chief Executive.
“HSBC is in a strong position to deliver on its strategy. In the increasingly complex and challenging global environment in which the Bank operates, the Board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us.”
John Flint said:
“It has been a privilege to spend my entire career with HSBC, rising from International Officer Trainee to serve as Group Chief Executive. I am grateful to my wonderful colleagues at the Bank for their support during my career, and I am proud of what we achieved together.
“I have agreed with the Board that today’s good interim results indicate that this is the right time for change, both for me and the Bank. After almost 30 years with HSBC, I will be sad to leave but I do so looking forward to a new personal challenge, and confident that our people will continue to serve the Bank’s stakeholders in the best possible way.”
The Board has initiated a process to find a new Group Chief Executive. The Board will be considering internal and external candidates.
During the search period the Board has asked Noel Quinn to assume the role of interim Group Chief Executive until a successor is appointed and to join the Board as an Executive Director. The appointment is subject to regulatory approval. Mr Quinn is Chief Executive, Global Commercial Banking, a position he has held since 2015. He brings a track record of business success, strong client relationships and deep global expertise from his 32 years with HSBC.