HSBC Holdings plc said its group chief financial officer (CFO) Pam Kaur has informed the board of “her plan to leave her role in 2027.”
But the banking and financial services giant said Kaur “will remain employed with the company as an advisor to the group CEO, which is expected to continue through to the end of 2028.”
Kaur is a former director of what is now called Aberdeen Group plc.
HSBC said Kaur will not to stand for re-election as director at its 2027 AGM.
Kaur was appointed HSBC group CFO on January 1, 2025. Prior to this, she served as group chief risk officer from January 2020 and assumed responsibility for compliance in June 2021. She has worked at HSBC since April 2013.
“Her official retirement date as Group CFO will be confirmed in due course but will be no later than the company’s 2027 AGM,” said HSBC.
“After stepping down from the full-time role of Group CFO and Executive Director next year, Pam will assume an advisory role to support the Group CEO with ongoing strategic projects and ensure a smooth transition of responsibilities to her successor.”
HSBC Group Chairman Brendan Nelson said: “Pam has made a significant contribution to HSBC over the last 13 years.
“I would like to thank her personally, and on behalf of the Board, for her achievements, dedication and service. In her roles in Internal Audit, Risk & Compliance, and Finance, she has demonstrated strong judgement and integrity. She will leave the Group CFO role with our deepest thanks and best wishes.”
HSBC Group CEO Georges Elhedery 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. I am grateful for her support and partnership and am pleased this will continue in her capacity as an adviser.”
Kaur said: “It has been a privilege to be part of the leadership team since 2013, and I am proud of what we have achieved together to strategically transform HSBC and ensure the bank is well positioned for further growth.
“With the bank in a strong place, financially and strategically, 2027 feels the right time in my career to embrace new leadership opportunities and apply my experience in a different context.“
HSBC said its board has commenced a process to identify Kaur’s successor as group CFO, and will consider both internal and external candidates.
HSBC added: “Pam is expected to remain as Group CFO and Executive Director until the Company’s 2027 AGM, or earlier if a successor starts in role, and will be available to support an orderly transition. She will remain on the Board until the 2027 AGM.
“Pam will continue to receive salary, cash allowance in lieu of pension, and benefits in the normal way throughout her notice period (which ends on 9 September 2027).
“Following her retirement, Pam will remain employed with the Company as an advisor to the Group CEO, which is expected to continue through to the end of 2028, although there is a standard termination clause on both sides.
“Pam will be eligible to be considered for an annual incentive award for the 2026 performance year in the ordinary course and for the 2027 performance year, subject in each case to an assessment of the relevant performance measures and her contribution over the performance year.
“Any award for the 2027 performance year would be determined on a pro rata basis to the date Pam steps down from the Board. Details of any bonuses awarded will be disclosed in the 2026 or 2027 Directors’ Remuneration Report, as applicable.
“Pam has been granted Good Leaver status, in accordance with the respective plan rules, in respect of the deferred awards and the LTI awards that she holds that are due to vest after her retirement as Group CFO.
“Her Good Leaver status is conditional upon her not taking up a role with a defined list of competitor financial services firms prior to the date on which the relevant awards begin to vest.
“As a Good Leaver, her deferred awards will continue to vest and be released on their scheduled vesting dates, subject to the relevant terms (including post-vesting retention periods, malus and, where applicable, clawback).
“Any vesting of her LTI awards will be pro-rated for the period until the end of her employment with the Company and will be subject to the relevant terms (including post vesting retention periods, malus and, where applicable, clawback).
“Any vesting of her LTI awards will be disclosed, as required, in the appropriate directors’ remuneration report. Pam will not be eligible for the grant of any further LTI awards.
“In addition to the above, the Company will make a contribution towards Pam’s legal fees incurred in connection with her retirement arrangements.
“In line with the Directors’ Remuneration Policy, Pam will also be entitled to receive medical cover, tax and legal advice for a period of up to seven years from the expiry of her 12-month notice period in relation to services provided to the Company.
“Pam will continue to be covered by the Company’s D&O insurance and will benefit from an indemnity in respect of third-party liabilities.
“Pam will receive no other compensation or payment for the termination of her employment agreement or her ceasing to be a director of the Company.”