HSBC Saudi Arabia has appointed a new CEO as it embarks on a new phase of growth, according to a statement on Monday.
The company's board of directors has voted for Faris AlGhannam to take over the CEO position effective October 1, 2022, subject to regulatory approval.
He will succeed Rajiv Shukla, who has been appointed senior managing director and advisor to the regional CEO. Shukla will take on the new role also effective October 1, after leading HSBC Saudi Arabia as CEO since April 2019.
AlGhannam has held a series of senior roles at HSBC Saudi Arabia, where he is currently the deputy CEO. He started his career in the banking industry in 2005 and moved to the UK to work in capital markets and corporate finance with international financial institutions.
He joined HSBC Saudi Arabia in 2011.
(Writing by Cleofe Maceda; editing by Mily Chakrabarty)