Latest news with #MarkTucker
Business Times
3 days ago
- Business
- Business Times
HSBC renews hunt for board chairman amid struggle to fill shortlist: FT
HSBC is refreshing its search for a new board chairman, the Financial Times reported on Saturday (Jul 19). The development came after the bank could not find enough satisfactory candidates for a final shortlist. The London-headquartered lender has been seeking a replacement for Mark Tucker, who announced earlier this year that he will stand down by the end of 2025. Tucker has presided over a turbulent tenure marked by multiple changes of the chief executive, a clash with one of the bank's largest shareholders and a public slap-down from the US government. HSBC stepped up its efforts to find a successor after Tucker surprised fellow board members with an announcement that he would leave the bank in September to take on a non-executive chairman role at AIA, Bloomberg previously reported. A spokesperson for the bank said that the process to appoint a new chairman is underway and that Brendan Nelson, the head of HSBC's audit committee, will be interim chairman from Oct 1. The bank has struggled to develop a shortlist of successors after considering more than 100 people for the role, the FT reported, citing unidentified sources. HSBC has mulled tapping executives such as Zurich Insurance Group CEO Mario Greco, Goldman Sachs executives Kevin Sneader and Richard Gnodde, as well as Bruce Carnegie-Brown, former chair of the Lloyd's of London insurance market, the newspaper reported. Some of the potential candidates were unavailable, while others declined when approached, according to the FT. A spokesperson for Zurich told the FT that Greco was approached by a headhunter and had declined because he was committed to Zurich. BLOOMBERG
Business Times
3 days ago
- Business
- Business Times
HSBC renews hunt for board chair amid struggle to fill shortlist: FT
HSBC is refreshing its search for a new board chairman, the Financial Times reported on Saturday (Jul 19). The development came after the bank could not find enough satisfactory candidates for a final shortlist. The London-headquartered lender has been seeking a replacement for Mark Tucker, who announced earlier this year that he will stand down by the end of 2025. Tucker has presided over a turbulent tenure marked by multiple changes of the chief executive, a clash with one of the bank's largest shareholders and a public slap-down from the US government. HSBC stepped up its efforts to find a successor after Tucker surprised fellow board members with an announcement that he would leave the bank in September to take on a non-executive chairman role at AIA, Bloomberg previously reported. A spokesperson for the bank said in an e-mailed statement that the process to appoint a new chairman is underway and that Brendan Nelson, the head of HSBC's audit committee, will be interim chairman from Oct 1. The bank has struggled to develop a shortlist of successors after considering more than 100 people for the role, the FT reported, citing unidentified sources. HSBC has mulled tapping executives such as Zurich Insurance Group CEO Mario Greco, Goldman Sachs executives Kevin Sneader and Richard Gnodde, as well as Bruce Carnegie-Brown, former chair of the Lloyd's of London insurance market, the newspaper reported. Some of the potential candidates were unavailable, while others declined when approached, according to the FT. A spokesperson for Zurich told the FT that Greco was approached by a headhunter and had declined because he was committed to Zurich. BLOOMBERG
Malay Mail
3 days ago
- Business
- Malay Mail
HSBC's chair hunt going so poorly they're re-approaching people they already rejected
LONDON, July 20 — HSBC has relaunched its global search for a new chair after failing to finalise a shortlist from an initial pool of more than 100 candidates. The bank, which is Europe's largest lender, is trying to replace Sir Mark Tucker, who will step down in October to chair AIA, with people familiar saying the recruitment process had been slow, the Financial Times reported. Executives considered by HSBC include Zurich Insurance Group CEO Mario Greco, Goldman Sachs' Kevin Sneader and Richard Gnodde, and former Lloyd's of London chair Bruce Carnegie-Brown. However, several candidates approached were either unavailable or declined the role, with Zurich confirming Greco 'immediately said no' after being contacted by a headhunter. HSBC and its recruitment firm MWM Consulting have begun re-approaching individuals who had earlier been ruled out before the board could meet them. With no firm candidate in place, Brendan Nelson, the head of the audit committee, will take over as interim chair from Oct 1. The bank may consider appointing someone from its current board if it fails to identify a strong external candidate. A new chair will need to juggle deep financial experience with geopolitical sensitivity, especially given HSBC's presence in both the US and China. Familiarity with Asia, where HSBC earns the majority of its profits, and a willingness to commit to a demanding full-time role with extensive travel are seen as essential qualities. Despite starting the search last year and offering £1.6 million (RM9.1 million) in annual pay and benefits, HSBC's board, led by senior independent director Ann Godbehere, has yet to settle on a successor, with insiders acknowledging some criteria may have to be relaxed.
Bloomberg
4 days ago
- Business
- Bloomberg
HSBC Renews Hunt for Chair Amid Struggle to Fill Shortlist, FT Says
HSBC Holdings Plc is refreshing its search for a new board chairman after it couldn't find enough satisfactory candidates for a final shortlist, the Financial Times reported Saturday. The bank has been seeking a replacement for Mark Tucker, who announced earlier this year that he will stand down by the end of 2025. Tucker has presided over a turbulent tenure marked by multiple changes of the chief executive, a clash with one of the bank's largest shareholders and a public slap down from the US government.
Mint
14-06-2025
- Business
- Mint
HSBC Hastens Search to Find Next Chairman as Tucker's Exit Nears
(Bloomberg) -- With the clock ticking in the hunt for HSBC Holdings Plc's next chairman, Europe's largest bank is speeding its efforts to assemble a list of candidates for the role. Chairman Mark Tucker's announcement last week that he would leave HSBC in September to take on a non-executive chairman role at AIA Group Ltd. came as a surprise to some of his fellow board members, who thought they'd have more time to find his replacement, according to people familiar with the matter. As the board convened in Hong Kong this week to discuss potential successors, it remains an open contest for the job, they said, asking not to be identified discussing non-public information. Senior independent director Ann Godbehere — the director in charge of choosing Tucker's successor — has yet to produce a final shortlist of names for the role, though high-profile finance figures like Goldman Sachs Group Inc.'s Richard Gnodde and Kevin Sneader are under consideration, the people said. 'Tucker's expedited departure could mean an overly compressed timetable for what is a critical appointment,' said John Cronin, a financials industry research analyst at SeaPoint Insights. 'Tucker's shoes will be difficult to fill.' Among the qualities needed for any candidate will be an in-depth knowledge of Asia, where HSBC is doubling down as part of Chief Executive Officer Georges Elhedery's broader plans for the company. In addition to deep experience of the banking industry, the board is also hoping to find someone with a background in wealth management as HSBC looks to become the world's largest player in that space outside of the US in the coming years. The role will also require someone with diplomatic skills as HSBC is forced to navigate the increasingly unpredictable relationship between the US and China. Process Underway Godbehere's committee has had recruiters from the London-based executive search firm MWM Consulting working for months to help find Tucker's replacement, the people familiar with the matter said. While Tucker had previously tipped he would be gone before the end of the year, the news that he would depart on Sept. 30 to return to the Hong Kong-based insurer accelerated the succession planning, the people familiar with matter said. 'The process to appoint a new chairman is underway,' HSBC said in a statement. 'We will provide an update in due course.' Tucker spent years establishing himself as the unquestioned power inside HSBC. He ultimately appointed four different CEOs during his tenure and was credited for helping to defuse a yearlong row between the bank and investor Ping An Insurance (Group) Co. after the Chinese insurer launched a campaign to force a break up of the bank. Whoever takes up Tucker's mantle will take on the chairmanship at a time of dramatic change at HSBC, which has spent the best part of the last year enmeshed in a broad restructuring as Elhedery has slashed jobs, merged divisions, and reshaped the bank's top executive committee. With the company short on time, attention has turned to those already on HSBC's board who could be parachuted into the role immediately. HSBC has a habit of turning temporary office holders into permanent replacements and the board's 76-year-old interim chair Brendan Nelson is one option the board is considering for the gig, the people familiar with the matter said. Directors are also weighing the merits of Gnodde, a vice chairman of Goldman who previously headed their international business, and Sneader, the former global managing partner of McKinsey & Co. who now leads Goldman's Asia Pacific business outside of Japan. Sky News first reported Sneader was a potential candidate for the role. Sneader's experience in Asian markets and being based in Hong Kong are a plus, though the circumstances of his departure from McKinsey — he was voted out of the consulting giant amid an uproar over its role in fueling the opioid crisis in America — could also make his candidacy a challenge. Gnodde also has experience in Asia, having run Goldman's business in the region in the late 1990s and early 2000s. He ultimately played a leading role in expanding the bank's footprint in the region and securing access to China's securities markets. Former Citigroup Inc. executive James Forese, who has sat on the bank's board for the past five years, is another possible contender. But his time on the board means he would hit the nine-year term limit that the UK enforces on board directors before the end of the decade. Other possible contenders are former HSBC executives. Foremost among them is Stuart Gulliver, who stepped down shortly after Tucker took over as chairman back in late 2017. Clive Bannister, a former HSBC banker who went on to become CEO of Phoenix Group Plc, is another prospective option. Representatives for MWM Consulting as well as Gnodde, Sneader, Bannister, Gulliver, Forese and Nelson either declined or did not respond to requests for comment. HSBC has a history of hurried successions, the most dramatic of which was Tucker's ouster of CEO John Flint in 2019. The bank then came close to appointing Jean-Pierre Mustier, UniCredit SpA's CEO at the time, only to rescind the offer at the last minute. --With assistance from Sridhar Natarajan, Denise Wee and Katherine Griffiths. More stories like this are available on
