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Mr Or, who assumed his present post in May 2005, will retire after 37 years of service with the HSBC Group.
Ms Leung will also be appointed as a nonexecutive director of the bank with effect from April 1, 2009.
The board also announced that independent nonexecutive directors Cheng Yu Tung and David Wai Kin Sin have opted to step down from the Hang Seng board in May 2009, to devote more time to their own businesses.
Raymond Ch'ien, chairman of the Hang Seng board of directors, said: "We would like to thank Mr Or for his outstanding contributions. His strong leadership has been instrumental in enhancing Hang Seng's status as a world-class bank. We also owe him our gratitude for strengthening the bank's position in the industry in terms of customer service, branding and corporate responsibility."
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