HSBC names third CEO in less than eight years
CNN
HSBC has appointed its Chief Financial Officer Georges Elhedery as its next CEO, the bank said Wednesday.
HSBC has appointed its Chief Financial Officer Georges Elhedery as its next CEO, the bank said Wednesday. Lebanon-born Elhedery, 50, who becomes the bank’s third chief executive in less than eight years, will replace outgoing head Noel Quinn from September 2. While the 160-year-old lender did consider external candidates, it has traditionally appointed its CEO from within. “For most investors, continuity is essential, especially after the battles HSBC’s board has been through in recent years, to persuade shareholders that its strategy is right,” said Matt Britzman, equity analyst at Hargreaves Lansdown. Elhedery’s appointment comes as HSBC (HSBC) tries to shift from restructuring to growth, at a time when helpful interest rate hikes may have peaked and geopolitical tensions simmer. Iain Pyle, senior investment director at HSBC shareholder abrdn, said Elhedery had made a good impression on the market over his 18 months as finance chief and was “a clear communicator.” “It’s a continuity appointment, but a strong candidate and I think will be taken well today,” he said.
Nippon Steel is expected to re-file its application for a national security review by American regulators of its $15 billion takeover bid of US Steel, sources familiar with the matter told CNN on Tuesday, buying Japan’s largest steelmaker an additional 90 days to close its acquisition of an American rival after political opposition emerged in an election year.
So far, the attacks that targeted Iran-backed Lebanese militant group Hezbollah members through their pagers have had devastating consequences. At least nine people, including an eight-year-old girl, were killed, and at least 2,800 were wounded. Over 150 of those injured are in critical condition, according to the Lebanese health minister.