HSBC Chairman Succession
The remaining candidates for the chairmanship of HSBC Holdings have been asked to appear before the board of Europe’s largest lender next week to finalize the appointment of a successor to Sir Mark Tucker.
Candidates for the Position
Contenders for one of Britain’s top corporate board positions, including George Osborne, the former finance minister, will set out their views on the company’s strategy and governance early next week. A person close to the bank said that Mr. Osborne and at least one other candidate, believed to be former McKinsey boss Kevin Sneader, were expected to meet with HSBC directors, including acting chairman Brendan Nelson.
Withdrawal from the Recruitment Process
Naguib Kheraj, the former finance chief of Barclays and former vice-chairman of Standard Chartered, is said to have withdrawn from the recruitment process in recent days, according to an HSBC insider.
George Osborne’s Candidacy
Mr. Osborne’s candidacy for the job was revealed earlier this month. Although he has little experience in direct banking or PLC boardrooms, he has advised HSBC on key strategic initiatives since becoming a partner at consultancy Robey Warshaw in 2021. He also reportedly intervened on behalf of HSBC when the company tried to avoid prosecution in the US over money laundering allegations in 2012.
Other Roles and Experience
Mr. Osborne, who was Chancellor from 2010 to 2016, holds a number of other corporate directorships and is also chairman of the British Museum. With a market capitalization of almost £180 billion, HSBC is the second largest FTSE 100 company after pharmaceutical giant AstraZeneca.
The Succession Process
The bank has been looking for a replacement for Sir Mark for almost a year, but has gone through a succession process described by outside critics as chaotic. Sir Mark, who returned to the helm of insurer AIA as non-executive chairman, stepped down at the end of September but remains an adviser to the board.
Recent Developments
HSBC shares have soared over the past year, gaining more than 40% despite headwinds from US President Donald Trump’s sweeping global tariff regime. The bank’s biggest strategic move in 2025 was to offer $14 billion to buy the remaining shares of Hong Kong’s Hang Seng Bank.
Leadership Transition
When Sir Mark was appointed, he became the first outsider to take up the post in the bank’s 152-year history. He initiated a rapid leadership transition, appointing banking veteran John Flint to replace Stuart Gulliver as chairman. However, the transition did not work out as Mr. Tucker decided to fire Mr. Flint after just 18 months.
Recent Changes
Mr. Flint was temporarily replaced by Noel Quinn in the summer of 2018, with this move becoming permanent in April 2020. Mr. Quinn remained in office for another four years before deciding to step down, and in July 2024 he was replaced by Georges Elhedery, a long-time manager in HSBC’s markets department and most recently the bank’s chief financial officer.
Restructuring and Future Plans
The new boss’s first big move in the top job was to announce a major reorganization of HSBC that would see it reorganize into eastern and western markets. He also decided to merge the commercial and investment banking activities into a single department. The restructuring, which Mr. Elhedery said would "lead to a simpler, more dynamic and agile organization," has drawn mixed reactions from analysts, although it has not interrupted the stock’s sharp rise.
Update on the Succession Process
At the end of September, HSBC said in a statement: "The process to select the permanent chair of the HSBC Group, led by Ann Godbehere, Senior Independent Director, is ongoing." The company will provide further updates on this succession process in due course. HSBC has been contacted for comment.
