Mark Tucker, the chairman of HSBC Holdings, plans to retire after eight years in the job and the search for his successor is under way, the bank said in a filing to the London Stock Exchange on Thursday.
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Tucker, 67, intends to retire before the end of this year. He joined as group chairman in October 2017. He will remain with the company as a strategic adviser to the CEO and the board and the bank will provide an update on succession in due course.
“It has been a great honour and privilege to lead HSBC as chair,” he said in the filing. “I am deeply grateful for the trust and support I have received from the board, management, and colleagues and am very proud of all that we have accomplished together.”
“With the strong foundations laid over the last eight plus years, I am very confident that under [CEO Georges Elhedery’s] leadership, HSBC will go from strength to strength. I wish HSBC and all its stakeholders continued success and prosperity.”
HSBC’s nomination and corporate governance committee has kicked off the process to select Tucker’s successor, the company said, adding that the process would be led by Ann Godbehere, a senior independent non-executive director.
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“On behalf of the board and all our colleagues at HSBC, I want to thank Mark for the tremendous value he has added to HSBC over the past eight plus years,” said Godbehere. “As group chairman, he has provided strategic guidance and clarity to the management team, streamlined the board and overseen material improvements to the group’s people succession and governance processes. Mark also provided excellent stewardship of the Bank through the Covid-19 pandemic.”