HSBC Holdings PLC (LSE:HSBA) has promoted finance chief Georges Elhedery to the role of group chief executive, after Noel Quinn's surprise retirement announcement in April.
Elhedery, who joined the Asia-focused lender in 2005 and after roles including co-CEO of the Global Banking & Markets division, became group chief financial officer in 2023.
He will take on the CEO mantle at the start of September.
Chairman Mark Tucker said the CEO elect is "an exceptional leader and banker", who has "a track record of leading through change, driving growth, delivering simplification, containing costs and brings a strong focus on execution".
"The board concluded that Georges was the outstanding candidate and we look forward to working together as he leads HSBC through the next phase of development and growth."
Quinn will step down as group CEO and from the board with effect from 2 September, and will remain in contact on gardening leave until the completion of his 12-month notice period next April, the bank said.