HSBC starts search for next chairman, Sky News reports

A view of HSBC building in Canary Wharf financial district in London, Britain, August 1, 2023. REUTERS

HSBC's board has appointed headhunters to start the recruitment of its next chairman, Sky News reported on Saturday, with incumbent Mark Tucker due to stand down by 2026.

The London-listed, Asia-focused bank has assigned headhunters including MWM Consulting to run the process, and will consider both existing non-executive directors and outsiders to succeed Tucker, the report said, citing sources.

A spokesperson for HSBC Holdings declined to comment on the report.

Tucker, who became HSBC's chairman in March 2017, broke with tradition as the first outsider to assume the role.

He joined Europe's largest bank from Hong Kong-based insurer AIA succeeding long-time insider Douglas Flint during a period of strategic pivot towards Asia, where the bank makes the bulk of its revenue.

The leadership transition coincides with HSBC navigating global macroeconomic challenges and geopolitical tensions, balancing its historic London headquarters with its key growth market in Asia.