Leadership overhaul continues…
HSBC has begun the search for a new chief executive for its UK business following the appointment of Ian Stuart to a newly created role overseeing customer engagement and culture, the bank announced today.
The leadership change aligns with HSBC’s strategy to streamline operations and focus on four core business areas, the bank said in a statement.
“In this new role, Ian will consistently challenge the Group Operating Committee in shaping the culture, ensuring that the voice of the customer informs every decision and action we take,” said group CEO Georges Elhedery.
Stuart’s (pictured below) move to the group customer and culture director role is part of a broader restructuring effort under Elhedery, who took over as group CEO six months ago. HSBC has been reshaping its senior management team, with a series of leadership changes in recent months.
Last October, the bank introduced a plan to consolidate some functions, divide its global operations into Eastern and Western divisions, and eliminate overlapping roles to reduce expenses and improve profitability. As part of a £1.2 billion cost-cutting initiative, HSBC has also been reducing its workforce.
Further details, including the timeline for the transition, will be provided in due course, said HSBC, whose shares went down 1.6% by midafternoon on Tuesday.
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