Mark Tucker is set to retire from his role as chairman of global financial giants HSBC by the end of 2025, following eight years in the role.
During his eight-year tenure, he has overseen three changes of CEO, a clash with one of the bank’s largest shareholders, and a public slapdown from the US government
In a statement Tucker said “strong foundations” had been laid for Europe’s largest bank to grow since he took over as chairman in 2017 and that he expected the business to go from “strength to strength” over the coming years.
Tucker will remain as a strategic adviser to CEO Georges Elhedery, the bank said, adding that it had began a search for his successor.
Search for Successor
The search for Tucker’s successor is being led by Ann Godbehere, HSBC’s senior independent director, as the bank looks to replace its departing chairman within the next seven months.
“The board is conducting a thorough process to identify the best candidate” and “support group CEO, Georges Elhedery, and the wider management team, through the next period of development and growth for the bank,” Godbehere said.
The chairmanship of HSBC is one of the biggest jobs in global finance. Traditionally, HSBC has appointed insiders to the role, though the practice ended with Tucker’s 2017 appointment.
