HSBC has relaunched its search for a new chair after failing to finalize a shortlist from an initial pool of over 100 candidates, according to a report by the Financial Times. The renewed effort underscores the challenges Europe’s largest lender faces in filling one of the most high-profile and complex roles in global banking.
The bank is seeking a successor to Sir Mark Tucker, who will step down in October to become chair of Asian insurance giant AIA. Tucker’s decision to accelerate his planned departure has added pressure to a process that insiders say has already been moving slowly.
Despite casting a wide net, HSBC has struggled to find candidates who meet its demanding criteria, with some top names declining to be considered. Among those approached were Mario Greco of Zurich Insurance Group, Goldman Sachs executives Kevin Sneader and Richard Gnodde, and Bruce Carnegie-Brown, former chair of Lloyd’s of London. A Zurich spokesperson confirmed Greco had “immediately said no” when approached, reaffirming his commitment to his current role.
People familiar with the matter told the Financial Times that the bank and headhunters at MWM Consulting have now restarted the process, reaching out again to candidates who had been previously dismissed before board-level discussions could take place.
The role demands more than just financial expertise. HSBC’s unique position between the US and China, as one of the world’s major dollar-clearing institutions, means its next chair must also possess diplomatic finesse to navigate rising geopolitical tensions. Additionally, familiarity with Asia—a region responsible for the bulk of HSBC’s profits—is considered a key requirement, along with the willingness to commit to a schedule that often includes punishing travel.
With time running short, the bank is also considering appointing an internal board member if an external candidate cannot be found in time. Brendan Nelson, currently head of the bank’s audit committee, will step in as interim chair on October 1 if a permanent successor is not named by then.
“The process to appoint a new chairman is under way. Brendan Nelson will be interim chairman from 1 October. We will provide an update in due course,” an HSBC spokesperson said.
Tucker, who became HSBC’s first external chair in its 159-year history in 2017, has been a transformative figure. He has overseen the appointment of three chief executives and played a critical role during a tumultuous period that included a high-profile battle with major shareholder Ping An over the bank’s structure.
Despite the comprehensive nature of the search, the nomination committee—led by senior independent non-executive director Ann Godbehere—has yet to land on a final candidate. Executives acknowledge that compromises may be necessary. “There is a realisation that the candidates may not have all the experience the bank wants,” one source familiar with the process told the Financial Times.
With time ticking down, HSBC remains in talks with several potential candidates, though a final decision is unlikely before Tucker’s October exit.
