HSBC begins search for next chairman, Sky News reports

HSBC’s board has appointed headhunters to begin recruiting the next chairman, Sky News reported on Saturday, with current chairman Mark Tucker due to step down by 2026.

The London Stock Exchange-listed, Asia-focused bank has appointed recruitment specialists including MWM Consulting to manage the process and will consider both existing non-executive directors and third parties to succeed Tucker, the report said, citing sources.

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

Tucker, who became HSBC chairman in March 2017, broke with tradition by becoming the first outsider to take on the role.

He joined Europe’s largest bank from Hong Kong insurer AIA, replacing longtime insider Douglas Flint at a time of strategic pivot to Asia, where the bank makes most of its revenue.

The leadership changes coincide with HSBC navigating global macroeconomic challenges and geopolitical tensions while balancing its historic London headquarters with a key growth market in Asia.