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HSBC makes management changes for 'next phase of strategy'

Mon 09 December 2019 09:44 | A A A

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(Sharecast News) - HSBC Holdings announced a number of changes to its senior management team on Monday, which it said would position the banking giant for the next phase of its strategy.

The FTSE 100 company said Pam Kaur, head of wholesale market and credit risk, would be appointed as group chief risk officer with effect from 1 January.

Marc Moses, an executive director, would assist with a handover of his responsibilities before stepping down from the board and the role of group chief risk officer on 31 December.

HSBC said Moses would continue to provide support to the group chief executive until he formally retired from the group on 9 December next year.

He would receive remuneration and benefits in line with the terms of his service contract, and the directors' remuneration report as published in the annual report.

Samir Assaf, meanwhile, would be stepping down as chief executive officer of global banking and markets with effect from 1 March.

He would take on a new role as chairman of corporate and institutional banking.

Georges Elhedery, currently head of global markets, and Greg Guyett, currently head of global banking, would become co-heads of global banking and markets, and report directly to the group chief executive, with both being members of the group management board.

Andy Maguire would be retiring as group chief operating officer with effect from 30 January, HSBC said, and would leave the group on 9 June at the end of his six month notice period.

The bank said he supported the global search for his successor, John Hinshaw, who would be joining the group as group chief operating officer-designate on 10 December.

Maguire would assist with a handover of his responsibilities until Hinshaw formally takes on the role with effect from 1 February.

The board said Hinshaw had 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.

The company noted that he had also served on the board of directors of the Bank of New York Mellon for the past five years, and chaired its technology committee.

Hinshaw was joining as a group managing director, reporting to the group chief executive, and would also be a member of the group management board.

"I'd like to thank each of these individuals for their extraordinary dedication and commitment to the bank over many years," said HSBC's group chief executive officer Noel Quinn.

"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."

At 0942 GMT, shares in HSBC Holdings were up 0.04% at 562.1p.

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