The Strategist

HSBC starts looking for new CEO

05/16/2024 - 03:10

Following current CEO Noel Quinn's intention to step down, British bank HSBC Holdings Plc has begun looking for a new CEO and is considering choosing a new leader from a pool of internal candidates.

Håkan Dahlström
Håkan Dahlström
Quinn, who has led HSBC for almost four years, said that he plans to leave the position in order to spend more time in his personal life. He will hold this position until the board of directors of the bank appoints a replacement.

The bank's current chief financial officer Georges Elhedery and affluent client leader Nuno Matos are the front-runners for the CEO position, says sources cited by Bloomberg.

HSBC has engaged a third-party recruiting firm to evaluate and contrast the two internal candidates for CEO with external prospects.

At that, the sources caution that the search for Quinn's replacement is very early and the board may decide to take a different approach.