HSBC Embarks on New Search for Chair After Initial Candidate Pool Falls Short.

HSBC has begun a new search for its next chair after struggling to find suitable candidates for the role. The bank had considered over 100 people, but only a few made the final shortlist. The search for a new chair comes after HSBC's current chair, Mark Tucker, announced his intention to step down in 2023.

HSBC Holdings PLC is renewing its search for a new chair after struggling to find suitable candidates for the position. The bank had initially considered over 100 candidates but has not been able to narrow down the list to a final shortlist [1]. This development comes following the announcement by current chair Mark Tucker that he intends to step down in 2023.

The London-based bank has been reviewing candidates from various prominent institutions, including Zurich Insurance Group AG, Goldman Sachs Group Inc, and Lloyd's of London. However, candidates have been unavailable or have declined the role [1]. The search has been ongoing since June, with Brendan Nelson, the head of HSBC’s audit committee, set to become interim chair on October 1 [2].

HSBC shares closed 0.3% lower at 930.20 pence each on Friday, giving it a market capitalisation of USD216.77 billion [1]. The company has not ruled out appointing one of its current board members as chair if a suitable replacement cannot be found.

The search for a new chair is likely to extend beyond Tucker’s impending departure, with the process to appoint a new chairman currently underway. HSBC has stated that it will provide an update in due course.

References:
[1] https://www.marketscreener.com/news/hsbc-renews-search-for-new-chair-financial-times-ce7c5cdfda8af120
[2] https://seekingalpha.com/news/4469039-hsbc-renews-search-for-next-chair