(Reuters) – HSBC’s board has appointed headhunters to begin recruiting its next chairman, Sky News reported on Saturday. Incumbent Mark Tucker will step down in 2026.
The London-listed, Asia-focused bank has appointed headhunters including MWM Consulting to lead the process, and will consider existing non-executive directors as well as outsiders to succeed Tucker, the report said, citing sources.
A spokesperson for HSBC Holdings declined to comment on the report.
Tucker, who became chairman of HSBC in March 2017, broke with tradition as the first outsider to take on the role.
He came from the Hong Kong-based insurer AIA to the largest bank in Europe. He succeeded former insider Douglas Flint during a period of strategic shift towards Asia, where the bank generates the majority of its turnover.
The leadership transition coincides with HSBC’s navigation of global macroeconomic challenges and geopolitical tensions, balancing its historic London headquarters with Asia’s key growth market.
(Reporting by Surbhi Misra in Bengaluru; Editing by Jan Harvey and Toby Chopra)
