HSBC has renewed its search for a new board chairman after failing to compile a satisfactory shortlist, according to a Financial Times report published Saturday (Jul 19). The renewed effort follows a lack of suitable finalists to succeed Mark Tucker, who earlier this year announced plans to step down by the end of 2025.
Tucker’s tenure at the London-based bank has seen considerable turbulence, including multiple CEO changes, tensions with a key shareholder, and criticism from the US government. However, Bloomberg recently revealed that Tucker intends to exit even earlier—by September—to become the non-executive chairman at AIA, surprising fellow board members and accelerating HSBC’s search for a successor.
An HSBC spokesperson confirmed that the selection process is ongoing. In the interim, Brendan Nelson, chair of the bank’s audit committee, will serve as acting chairman starting October 1.
Despite reviewing more than 100 potential candidates, the bank has found it difficult to finalize a shortlist, the FT reported, citing unnamed sources. High-profile figures such as Zurich Insurance CEO Mario Greco, Goldman Sachs executives Kevin Sneader and Richard Gnodde, and Bruce Carnegie-Brown, former chair of Lloyd’s of London, were considered.
However, several candidates were either unavailable or turned down the opportunity. Zurich confirmed to the FT that Greco had declined after being approached, citing his commitment to his current role.
