(Alliance News) - HSBC Holdings PLC on Monday announced a number of senior management changes, along with the appointment of new chief operating officer, John Hinshaw, a member of the board of Bank of New York Mellon and a former technology executive.
The changes also include the appointment of Pam Kaur, currently head of Wholesale Market & Credit Risk at the bank, as group chief risk officer from the start of 2020.
Mark Moses will hand over responsibilities to Kaur before departing the board and stepping down as group chief risk officer at the end of 2019. He will remain at HSBC supporting the CEO before departing the bank completely in December 2020.
Moreover, Samir Assaf will depart as HSBC's chief of Global Banking & Markets at the start of March 2020, taking on the new role of chair of Corporate & Institutional Banking. The current head of Global Markets, Georges Elhedery, and Global Banking head Greg Guyett, will become co-heads of Global Banking & Markets. Both will become members of the group management board.
HSBC Group Chief Executive Noel Quinn 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."
HSBC's current COO, Andy Maguire, will retire at the end of January but will remain with the group until the end of his notice period on June 9 in order to assist with the handover.
Hinshaw will join the bank as group COO-designate on Tuesday before stepping into the full role in February.
Hinshaw was an executive vice president at Hewlett Packard and Hewlett Packard Enterprise Co, managing Technology & Operations and serving as chief customer officer, leaving HP in 2016.
Hinshaw has been on the board at Bank of New York Mellon for the past five years and chaired the bank's Technology Committee. He joins as a group managing director at HSBC and will be a member of its group management board.
Shares in HSBC were up 0.2% at 562.95 pence in London on Monday morning.
By Anna Farley; annafarley@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
HSBC Holdings (HSBA)