In late April, HSBC unexpectedly announced that Quinn would depart after nearly five years at the helm.

Elhedery’s appointment as CEO comes less than two years after he was promoted to chief financial officer in January 2023. He will continue to serve as group CFO during the transition period, the company said in a statement.

“I am deeply honoured by the trust placed in me to lead this great institution into the future. Working together with our talented team, I look forward to delivering exceptional value to our clients and investors by driving strong performance on a sustainable growth trajectory,” Elhedery said.

HSBC Group Chairman Mark Tucker called Elhedery “an exceptional leader and banker who cares passionately about the Bank, our customers, and our people.”

Elhedery has worked across multiple regions during his career, spanning Asia, Europe and the Middle East. The bank said “he has demonstrated his strategic insight and vision, and deep international perspectives,” adding that the Board considered him an “outstanding candidate.”

The bank has not yet announced a successor to Elhedery as CFO.

Quinn will work closely with Elhedery to ensure a “smooth and order handover of responsibilities,” HSBC said. Quinn will remain available to the company while on gardening leave until his 12-month notice period ends on April 30, 2025. 

Quinn has led the bank through challenges such as the Covid-19 pandemic and trade tensions between China and the West. He has been with the bank for 37 years, and was appointed as interim CEO in 2019.

Quinn said in April, “After an intense five years, it is now the right time for me to get a better balance between my personal and business life. I intend to pursue a portfolio career going forward.”

The bank’s Hong Kong shares were 0.15% lower Wednesday.