13th December 2019

HSBC makes changes to its senior management team

HSBC Holdings plc has announces a number of changes to its senior management team, which will position the Group for the next phase of its strategy.

Pam Kaur, Head of Wholesale Market and Credit Risk, will be appointed as Group Chief Risk Officer with effect from 1 January, 2020. Marc Moses, an executive Director of the Company, will assist with a handover of his responsibilities before stepping down from the Board of Directors and the role of Group Chief Risk Officer on 31 December, 2019. Mr Moses will continue to provide support to the Group Chief Executive until he formally retires from the Group on 9 December, 2020.

Samir Assaf will be stepping down as CEO of Global Banking and Markets (‘GB&M’) with effect from 1 March, 2020. He will take on a new role as Chairman of Corporate and Institutional Banking. Georges Elhedery, Head of Global Markets and Greg Guyett, Head of Global Banking, will become co-heads of GB&M and report directly to the Group Chief Executive. Both will be members of the Group Management Board.

Andy Maguire will be retiring as Group Chief Operating Officer with effect from 30 January, 2020. He will leave the Group on 9 June, 2020, at the end of his six months’ notice period. He supported the global search for his successor, John Hinshaw, who joined the Group as Group Chief Operating Officer designate on 10 December, 2019. Mr Maguire will assist with a handover of his responsibilities until Mr Hinshaw formally takes on the role with effect from 1 February, 2020.

Mr Hinshaw has an extensive background in transforming organisations across multiple industries. Most recently, he served as Executive Vice President of Hewlett Packard and Hewlett Packard Enterprise, where he managed Technology and Operations and was the firm’s Chief Customer Officer. He has also served on the Board of Directors of the Bank of New York Mellon for the past five years and chaired their Technology Committee. Mr Hinshaw joins as a Group Managing Director and will report to the Group Chief Executive. He will also be a member of the Group Management Board.

Noel Quinn, Group CEO said: “I’d like to thank each of these individuals for their extraordinary dedication and commitment to the Bank over many years. In their respective successors we have talented and capable individuals that I’m looking forward to working closely with as we execute plans for the next phase of the Bank.”