Andy Maguire to step down as HSBC Chief Operating Officer
John Hinshaw will be joining HSBC as Group Chief Operating Officer designate on December 10, 2019.
HSBC Holdings plc (LON:HSBA) has earlier today unveiled a set of senior management changes, with Andy Maguire set to retire as Group Chief Operating Officer with effect from January 30, 2020.
Mr Maguire will leave the Group on June 9, 2020 in line with his six months’ notice period. He supported the global search for his successor, John Hinshaw, who will be joining HSBC as Group Chief Operating Officer designate effective December 10, 2019. Mr Maguire will assist with a handover of his responsibilities until Mr Hinshaw formally takes on the role with effect from February 1, 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. John 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.
Also today, HSBC announced that Pam Kaur, Head of Wholesale Market and Credit Risk, will be appointed as Group Chief Risk Officer. The appointment is effective January 1, 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 December 31, 2019. He will continue to provide support to the Group Chief Executive until he formally retires from the Group on December 9, 2020.
Samir Assaf will be stepping down as CEO of Global Banking and Markets (GB&M) with effect from March 1, 2020. He will assume 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.