HSBC's chairman will step down by the end of the year
HSBC Chairman Mark Tucker Announces Retirement, Search for Successor Underway
Mark Tucker, the first-ever chairman of HSBC to be selected from outside the company, has announced his retirement, effective by the end of 2025. Tucker's tenure has been marked by significant changes, including three CEO changes and two major restructurings in 2020 and 2024.
HSBC is yet to identify a likely successor for Tucker. After an extensive search involving over 100 candidates, the bank has failed to find enough suitable candidates to form a final shortlist, leading to a reopening of the chairman search.
Some potential executives considered for the role include Zurich Insurance CEO Mario Greco, Goldman Sachs executives Kevin Sneader and Richard Gnodde, and former Lloyd’s of London chairman Bruce Carnegie-Brown. However, several have declined the role or were unavailable.
In the interim, independent non-executive director Brendan Nelson is set to serve as interim chairman from October 1, 2025. The process of finding a permanent successor is expected to take longer than initially planned, raising concerns about a possible leadership vacuum.
Reuters reported that HSBC is likely to first look for a successor from its present board. Jamie Forese, a former Citi President who joined the HSBC board in 2020, is a top candidate for the successor position, according to unnamed sources.
Tucker has overseen the replacement of two group CEOs: John Flint in 2019 and Noel Quinn's replacement by Georges Elhedery last year. Elhedery is the fourth group CEO to serve under Tucker.
Tucker's leadership has been praised by Ann Godbehere, who credited him for providing clarity, guidance, streamlining the board, and overseeing improvements to the bank's succession and governance processes. Tucker has also demonstrated excellent stewardship of the bank during the COVID-19 pandemic.
Tucker has stated that he is confident HSBC will continue to thrive under the leadership of its current CEO, Georges Elhedery. However, the company's recent restructuring, which shifted business away from the West to focus more deeply on Asian markets, has stirred up questions among analysts.
In an October earnings call, Elhedery dismissed rumors of a potential split, stating, "This is not either a precursor or intention or preparation for any split." HSBC faced calls from its largest shareholder, Ping An Insurance Corp., to separate its Asian operations from its Western ones, a measure which failed to gain sufficient shareholder support in 2023.
Tucker took over from John Flint due to a loss of confidence in his ability to navigate HSBC's challenges, according to Citi analyst Ronit Ghose. Tucker will remain a strategic adviser to Elhedery and the board during the search for a permanent chair.
Sources: [1] Financial Times, HSBC reopens chairman search after failure to find suitable candidates, 2025 [2] Reuters, HSBC chairman Tucker to retire in 2025, bank to search for successor, 2025 [3] Bloomberg, HSBC Faces Longer-Than-Planned Search for Tucker Successor, 2025
The search for a successor for HSBC's retiring chairman, Mark Tucker, is underway following his announcement of retirement by the end of 2025. Potential candidates include executives from Zurich Insurance, Goldman Sachs, Lloyd’s of London, and the HSBC board, with Jamie Forese, a former Citi President who recently joined the HSBC board, being a top candidate according to unnamed sources. The bank's business strategy, which involves shifting focus from Western markets to Asian markets, has sparked debates among analysts.
