HSBC’s logo is displayed outside its UK branches.
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In late April, HSBC suddenly announced that Quinn was stepping down after nearly five years at the helm.
El Hedery’s appointment as CEO comes less than two years after he was promoted to chief financial officer in January 2023. The company said in a statement that El Hedery will continue to serve as group CFO during the transition period.
“I am honored by the trust placed in me to lead this great institution into the future. I look forward to working with our talented team to deliver strong performance on a sustainable growth trajectory and deliver exceptional value to our clients and investors,” said ElHedery.
HSBC Group Chairman Mark Tucker described El Hedery as “an exceptional leader and banker who cares passionately about the bank, its customers and its employees.”
El Hedery has worked in several regions throughout his career, including Asia, Europe and the Middle East. “He has demonstrated strategic insight, vision and a deep international perspective,” the bank said, adding that the board considered him an “excellent candidate.”
The bank has yet to announce a successor to El Hedery as CFO.
HSBC said Quinn would work closely with El Hedery to ensure a “smooth and orderly handover of responsibilities”. Quinn will be able to work for the bank during his gardening leave until the end of his 12-month notice period on April 30, 2025.
Quinn, who has led the bank through challenges including the coronavirus pandemic and trade tensions between China and the West, was appointed interim CEO in 2019 after 37 years at the bank.
“After five tumultuous years, now is the right time to better balance my personal and professional life and I plan to pursue a portfolio career,” Quinn said in April.
The bank’s Hong Kong shares were down 0.15% on Wednesday.
