HSBC revealed its CEO succession

HSBC (LSE:HSBA, NYSE:HCBC) made headlines in London by announcing its new chief executive, Georges Elhedery, who moves over from CFO position to succeed outgoing boss Noel Quinn.

Quinn surprised the market in April when he announced his intention to exit the company in 2025.

Elhedery's appointment follows a thorough succession process that considered both internal and external candidates, the bank said in a statement.

Elhedery has been at HSBC since 2005 and has held several senior positions, before taking up the CFO role in early 2023.

Quinn, meanwhile, is expected to pursue a ‘portfolio career’ after he steps down next April.