HSBC Holdings plc today announced that Group CFO, Pam Kaur, has informed the Board of her plan to leave her role in 2027 and not to stand for re-election as director at the 2027 AGM.

Her official retirement date as Group CFO will be confirmed in due course but will be no later than the Company’s 2027 AGM.

After stepping down from the full-time role of Group CFO and Executive Director next year, Pam Kaur will assume an advisory role to support the Group CEO with ongoing strategic projects and ensure a smooth transition of responsibilities to her successor.

Pam Kaur said:

“It has been a privilege to be part of the leadership team since 2013, and I am proud of what we have achieved together to strategically transform HSBC and ensure the bank is well positioned for further growth. With the bank in a strong place, financially and strategically, 2027 feels the right time in my career to embrace new leadership opportunities and apply my experience in a different context.”

The Board has commenced a process to identify Pam’s successor as Group CFO, which will consider both internal and external candidates.

Pam Kaur will be eligible to be considered for an annual incentive award for the 2026 performance year in the ordinary course and for the 2027 performance year, subject in each case to an assessment of the relevant performance measures and her contribution over the performance year. Any award for the 2027 performance year would be determined on a pro rata basis to the date Pam Kaur steps down from the Board.

Ms Kaur has been granted Good Leaver status, in accordance with the respective plan rules, in respect of the deferred awards and the LTI awards that she holds that are due to vest after her retirement as Group CFO. Her Good Leaver status is conditional upon her not taking up a role with a defined list of competitor financial services firms prior to the date on which the relevant awards begin to vest.

As a Good Leaver, her deferred awards will continue to vest and be released on their scheduled vesting dates, subject to the relevant terms (including post-vesting retention periods, malus and, where applicable, clawback).