HSBC has announced a series of senior management changes, effective 1 January 2025, including the departure of its Group Chief Sustainability Officer, Celine Herweijer.
According to a Reuters report, Herweijer’s exit follows a recent reshuffle that removed her role from the bank’s executive committee, sparking concerns among investors about HSBC’s climate priorities.
Herweijer, who joined HSBC in 2021, was instrumental in shaping the bank’s net-zero strategy and overseeing the launch of its first net-zero transition plan earlier this year.
Julian Wentzel, currently Head of Global Banking for the Middle East, North Africa, and Turkey, will step in as interim Group Chief Sustainability Officer while the bank searches for a permanent replacement.
The decision to replace a climate expert with a banking executive, even temporarily, has raised questions about HSBC’s commitment to sustainability under CEO Georges Elhedery.
HSBC insists that its climate ambitions remain unchanged, emphasizing that the transition to net zero remains a core part of its strategy and one of the “four pillars of our business strategy.”
However, some stakeholders remain skeptical, pointing to the broader reshuffle as a potential signal of shifting priorities.
Andrew Harper, Chief Responsibility Officer at Epworth Investment Management, described Herweijer’s departure as the loss of a “crucial moral compass” for the bank’s climate agenda.
In other changes, Richard Blackburn has been named interim Group Chief Risk and Compliance Officer.
Blackburn, currently Global Head of Traded and Treasury Risk Management & Global Analytics, will join the bank’s Group Operating Committee as part of his new role.
HSBC also announced the appointment of Selim Kervanci, currently CEO of HSBC Turkiye, as CEO for the Middle East, subject to regulatory approval.
The bank has begun the search for permanent replacements for both the Group Chief Sustainability Officer and Group Chief Risk and Compliance Officer roles, with further updates expected in due course.
These changes come amid broader restructuring efforts at HSBC, including a controversial move requiring senior managers to reapply for their jobs as part of a cost-cutting drive.
The bank aims to streamline operations by reducing overlap between global and regional roles, which it claims will improve efficiency.
The restructuring goes beyond personnel changes. HSBC is establishing a new international wealth and premier banking division and realigning its geographical operations into Eastern and Western regions, with Hong Kong and the UK as independent units.
In an earnings call on 29 October, Elhedery reassured investors that this was not a dismantling of the bank, but a simplification of its structure.
Featured image credit: Edited from HSBC’s image and video library
