HSBC Names Elhedery CEO, Turning to Insider to Replace Quinn (3)

HSBC Holdings Plc named Georges Elhedery its next chief executive officer, continuing the lender’s tradition of picking insiders to run the bank.

Elhedery will take over as CEO from Sept. 2, the London-headquartered bank said in a statement on Wednesday. He replaces Noel Quinn, who in April announced his surprise decision to retire from HSBC after a more than three-decade career, including five years as CEO.

The 50-year-old takes the role less than two years after his promotion to chief financial officer. Before that, the Lebanon-born, French-educated banker had a six-month sabbatical that included spending ...