HSBC is on the hunt for a new chief financial officer after the bank revealed its finance head Pam Kaur would retire after two years in the job.
Kaur, who has been with the company for 13 years, is set to leave her role at some point in 2027 and will not stand for re-election, HSBC said.
The FTSE 100 lender has kicked off a recruitment process for her successor and is weighing both internal and external candidates, it said.
Shares in the company slide around 1.4 per cent on the news, wiping some £3.7bn from its market value. HSBC is Britain’s most valuable company with a market capitalization of around £265bn.
After stepping down from the full-time role, Kaur will take on an advisory role to chief executive Georges Elhedery as she hands over the reins to her successor, HSBC said.
“Over the last two years as Group CFO and during her tenure at HSBC, Pam’s deep experience, strong judgement and firm commitment to financial discipline have been invaluable,” said HSBC boss, Georges Elhedery. “I am grateful for her support and partnership and am pleased this will continue in her capacity as an adviser.”
Kaur became HSBC’s first ever female chief financial officer in 2024 when she was promoted as part of Elhedery’s sweeping overhaul of the bank. She joined the firm in April 2013 as group head of audit and served as its chief risk and compliance officer prior to her promotion.
She was tasked with slashing its cost base as Elhedery carved up the lender into new global divisions and retreated from investment banking.