The chairman of HSBC will retire by the end of the year, ending an eight-year tenure that has overseen three chief executives and a tussle with one of the bank’s biggest shareholders.
HSBC said it had kick-started a search for a new chairman after Mark Tucker told the board he intended to leave.
Mr Tucker, who took on the role of chairman in October 2017, has been at the helm of one of the world’s biggest banks during crises including the Covid pandemic and the rising cost of living, and growing tensions between the US and China.
HSBC’s chief executive John Flint stepped down in 2019 after 18 months in the role, following the bank’s confirmation of plans to cut 4,000 jobs globally.
Noel Quinn stepped into the role, but unexpectedly announced his retirement last year after an “intense” five years, saying he wanted to “get a better balance between my personal and business life”.
Georges Elhedery now leads the bank and is overseeing a major overhaul as it seeks to slash costs by 1.5 billion US dollars (£1.1 billion) by the end of 2026.
HSBC also faced mounting pressure from one of its biggest shareholders, Chinese insurer Ping An, to split the bank in two and create a separate Asia-headquartered business.
A plan to break up the bank was rejected by shareholders last year, but the restructuring announcement initially prompted some speculation that it could eventually fracture.
Mr Tucker said it had been a “great honour and privilege to lead HSBC as chair”.
“With the strong foundations laid over the last eight plus years, I am very confident that under Georges’ leadership, HSBC will go from strength to strength,” he said.
Ann Godbehere, who sits on the board and is leading the search for a successor, said Mr Tucker had “provided excellent stewardship of the bank through the Covid-19 pandemic, and most recently, led the group CEO succession process”.
“Very importantly, he has also deepened the group’s relationships with key clients, regulators and investors around the world,” she added.
The bank expects to update shareholders on its search for a new chairman “in due course”.
