In a major leadership change, HSBC has appointed Julian Wentzel as Interim Group Chief Sustainability Officer, effective 1 January 2025. Julian Wentzel is at present Head of Global Banking in the Middle East, North Africa and Turkey (MENAT) region. He will report to Pam Kaur, Group CFO. This is effective December 31, 2024, following a decision by Celine Herweijer, incumbent Group Chief Sustainability Officer, to take new directions.
HSBC has cemented its pledge towards sustainability following a series of repositioning strategies the bank undertook recently that are meant to streamline the process of decision-making while enhancing the operating focus.
Celine Herweijer: Stepping out on a legacy of Sustainability Leadership
Ms Celine Herweijer has been the most strategic at the join of HSBC in 2020 when the bank went big to launch its ambitious Net Zero by 2050 strategy. Throughout her tenure, she has played an integral role in making sustainability a significant business strategy for the HSBC. She worked on developing the net zero strategy for HSBC and setting science-based policies to decarbonize the bank’s financing portfolio.
Among many of her notable successes stands HSBC’s first ever published Net Zero Transition Plan at end January 2024 – a comprehensive strategy on practical action steps the bank takes for all its operations and financing towards becoming net zero.
She recounted working at HSBC with such thoughts:
I am very proud of what we have delivered at HSBC to further the global sustainability agenda. I believe HSBC, one of the world’s largest banks, has a crucial role in financing the transition across the global economy and in support of our customers. I wish Georges and the team all the very best as they embark on the critical journey of shaping the next stage of execution on HSBC’s net zero ambition.
HSBC, in recognition of her contributions, said:
“Celine has made a lasting impact on the Group and leaves with our thanks and best wishes for the future.”
Strategic Alignments to Simplify Leadership
Herweijer departs the bank after determining to restructure its governance that has reduced executive positions from 18 to 12 in October 2024. These were done for reasons of making decision-making easier and the harmonization of the leadership structure of the bank with the overall strategic directions. A leaner executive team is therefore part of the overall efforts by HSBC to navigate an ever-changing landscape of banking while remaining focused on the aspects of sustainability and innovation.
Julian Wentzel: A game of strategic sustainability leadership.
Julien Wentzel has more than 25 years of experience in the international banking network system. Having spent a long tenure over multiple leadership roles, both across regions and functional functions, Julien is appropriately experienced to guide this sustainability agenda of HSBC in the current critical stages.
Wentzel currently oversees HSBC’s Global Banking operations in the MENAT region. He has shown great strength in solving complex problems, nurturing client relationships, and growing commercial businesses. His “strong client and commercial lens” was highlighted by HSBC as an asset to balance the bank’s sustainability priorities with financial performance and environmental responsibility.
HSBC currently is recruiting a permanent Group Chief Sustainability Officer. Until that individual arrives, Wentzel’s stewardship will be key to sustain the momentum of HSBC’s sustainability initiatives.
Confirming HSBC’s commitment to sustainability
As one of the world’s biggest financial institutions, HSBC has continued to emphasize its responsibility in facilitating the global transition to a low-carbon economy.In that direction, the sustainability strategy aligns with the bank’s efforts toward achieving net zero operations and financing activities by 2050.
Sustainability is, therefore part of the business core for HSBC; as noted, “We are firmly committed to supporting the global net zero transition which is at the heart of our strategy.”
This sustainability is environmental to the bank, a central stimulus to long-term economic growth and innovation.
A new chapter in its sustainability journey is marked with the change in leadership at HSBC. The bank is, with Celine Herweijer handing over to Julian Wentzel, better placed to build on the sustainability agenda even as the financial sector experiences changing and challenging dynamics.
Under Wentzel’s interim leadership, HSBC looks forward to being a leading player in the global net zero transition. Once the permanent appointment is confirmed, the bank’s leadership team will most likely fine-tune its strategies and have a deeper impact on the global sustainability agenda.
This was a milestone in the long history of continuous dedication by HSBC to incorporating sustainability in its operations and building a greener, more resilient future for all.