HSBC Asset Management’s Global Head of Sustainability Erin Leonard will be leaving the firm, ESG Today has confirmed, marking the latest in a series of changes to HSBC’s sustainability-focused executive ranks.

Leonard’s departure comes as HSBC undergoes a restructuring under new CEO George Elhedery. In November 2024, the firm announced the departure of Group Chief Sustainability Officer Celine Herweijer, after the restructuring resulted in the CSO no longer being included on the bank’s Group Executive Committee. HSBC appointed Julian Wentzel as its new CSO in February, and the firm also recently launched a low-carbon transition-focused infrastructure finance business headed by former UK Member of Parliament Danny Alexander.

Alongside the restructuring, HSBC has also adjusted the focus of its climate and sustainability-related initiatives and targets. Earlier this year, the bank announced a decision to push back its 2030 target to achieve net zero emissions in its operations and supply chain by 20 years, and placed its interim targets to reduce financed emissions in key carbon-intensive industries under review, noting a “slower than envisioned” pace of decarbonization globally impacting its ability to reach its goals.

At the bank’s shareholder meeting last week, HSBC reconfirmed its goal to achieve net zero by 2050, after shareholders raised concerns by the bank’s recent changes.

Leonard joined HSBC in 2010, and was appointed Global Head of Sustainability at HSBC AM in 2021, with responsibility for leading the firm’s Sustainability office, charged with the delivery of the company’s sustainability business and product strategy. Prior to joining HSBC, she held senior roles at investing and financial services firms including Neuberger Berman, Lehman Brothers, and AEGON asset management.

In a statement provided to ESG Today by HSBC, the firm said that Leonard’s “responsibilities will be shared between respective businesses within HSBC Asset Management and the Responsible Investment team led by Cathrine De Connick Lopez.”