HSBC announced on Thursday that chairman Mark Tucker will retire by the end of this year, concluding nearly eight years at the helm of Europe's biggest bank where he oversaw a significant restructuring and navigated growing Sino-US tensions.
The 67-year-old Tucker, who was HSBC's first externally-recruited chairman, will remain as a strategic adviser to chief executive officer Georges Elhedery after his departure, the bank said.
During Tucker's tenure, HSBC underwent sweeping restructuring, reducing its presence in Western markets including the United States, Canada and France while pivoting towards Asia. His leadership coincided with mounting geopolitical challenges as Britain and the US clashed with China, where HSBC maintains its second home and major profit engine in Hong Kong.
"The board is conducting a thorough process to identify the best candidate to lead the board, and support group chief executive officer, Georges Elhedery, and the wider management team, through the next period of development and growth for the bank," said Ann Godbehere, senior independent non-executive director, in the company statement.
Sources with knowledge of the bank's thinking told Reuters that HSBC will likely begin the search for Tucker's successor among its present board members, with former Citigroup president Jamie Forese considered among the best-positioned candidates.
Tucker's experience in Asia, where he previously led insurance group AIA before joining HSBC, proved valuable as the bank deepened its regional business operations. Earlier this year, he led a British business delegation to Beijing, highlighting his continued role in fostering UK-China business relations.
One of the most significant challenges during Tucker's chairmanship came in May 2023 when HSBC's then-biggest shareholder, Ping An Insurance of China, lobbied for the bank to spin off its Asian business – a proposal that was ultimately defeated at the annual shareholder meeting.
HSBC's shares initially plunged during Tucker's stewardship as the bank faced numerous challenges including the COVID-19 pandemic, but have recovered in the last year to rise approximately 17 per cent overall since he took over in September 2017.
The departure comes as HSBC, among major European lenders, retained ambitious performance targets after reporting strong first-quarter profits, despite threats to earnings from a possible global recession and uncertain business confidence.
Industry analysts note that HSBC, with its focus on Asia and trade finance, could be more exposed than some peers to potential disruptions from US President Donald Trump's sweeping tariffs, which threaten to impact global trade corridors and businesses that import or export, particularly those based in China and Asia.
Tucker's retirement adheres to Britain's corporate governance code, which advises a maximum nine-year term for chair roles.
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