HSBC Begins Search For New Chairman

HSBC's board has initiated the search for a new chairman as current Chairman Mark Tucker plans to step down by 2026, Sky News and Reuters reported.

Tucker, appointed in March 2017, was the first outsider to assume the chairman role at HSBC. I Photo: HSBC

The London-listed, Asia-focused bank has enlisted headhunting firms, including MWM Consulting, to oversee the recruitment process. Both internal candidates from the board of directors and external applicants will be considered, sources said.

Tucker, appointed in March 2017, was the first outsider to assume the chairman role at HSBC. He joined from Hong Kong-based insurer AIA, replacing long-time insider Douglas Flint.

Tucker's leadership has coincided with HSBC's strategic pivot towards Asia, which generates the majority of its revenue, while balancing its historical ties to London. The leadership transition comes at a critical time, as HSBC navigates global economic uncertainties and geopolitical challenges.