When Georges Elhedery took a six-month break from HSBC (HSBA.L) in 2022, some feared he had called time on a 17-year stint at the Asia-focused lender. But two years on, the novice Mandarin-speaker is just weeks away from becoming chief executive.
The Lebanese-born banker, appointed on Wednesday to succeed outgoing boss Noel Quinn from September, worked in top roles since 2005, mainly across its Middle East and Africa businesses. He has served as chief financial officer since 2022, a role some analysts and investors initially doubted but which bolstered his leadership credentials.
Elhedery, known for his strategic vision and people management skills, replaced Ewen Stevenson in a succession plan aimed at boosting HSBC’s profits. His promotion to CEO was anticipated among shareholders, affirming his fitness for the role.
In 2020, Elhedery became co-head of Global Banking and Markets. During the pandemic, HSBC saw reduced deal-making and challenges in its Hong Kong market. Despite these, Elhedery’s return from sabbatical, with improved Mandarin skills, signals his readiness for HSBC’s top job amid geopolitical tensions and economic challenges.