HSBC Holdings plc today announced changes among its top management ranks.

Georges Elhedery is appointed Group Chief Financial Officer (CFO) and an Executive Director of the Board of Directors from 1 January 2023. Greg Guyett is appointed Chief Executive of Global Banking and Markets (GBM), effective immediately.

Ewen Stevenson will be stepping down as Group CFO and Executive Director on 31 December 2022 and will leave HSBC in April 2023.

HSBC explains that as the bank approaches the end of its three-year transformation programme, the Board has taken the opportunity to review the composition of the Group Executive Committee with a particular focus on long-term succession planning. As a consequence, and having considered the recommendation of the Group Chief Executive, the Board has approved the appointment of a new Group Chief Financial Officer and the consolidation of the leadership of Global Banking and Markets into one role.

Mr Stevenson joined HSBC on 1 December 2018 and was appointed to the Board as Group Chief Financial Officer and Executive Director in January 2019. Mr Elhedery served on the board of The Saudi British Bank from 11 December 2016 to 1 September 2019. He has not held any other directorships in any other publicly listed company, whether in London, Hong Kong or overseas, during the previous five years.

Georges Elhedery’s appointment as an Executive Director will be commencing on 1 January 2023 and will continue thereafter subject to a 12 month notice period on either side, subject to election at the next annual general meeting of the Company.

His remuneration as Executive Director and Group CFO of the Company will consist of a base salary of £780,000 per annum, a fixed pay allowance of £1,085,000 per annum and a pension allowance of £78,000 per annum equal to 10% of his base salary. He will also receive benefits in accordance with our approved Directors’ Remuneration Policy.