Mark Tucker, the chairman of HSBC Holdings, has announced his intention to retire after eight years in the role. The bank confirmed in a filing to the London Stock Exchange that Tucker, 67, plans to step down before the end of this year. Tucker, who joined HSBC as group chairman in October 2017, will continue to serve the bank as a strategic adviser to the CEO and the board after his retirement. The company stated that it will provide further updates on the succession process in due course.
In the filing, Tucker expressed his gratitude for the opportunity to lead HSBC, calling it a “great honour and privilege.” He thanked the board, management, and colleagues for their trust and support and expressed pride in what the bank has achieved during his tenure. Tucker also conveyed confidence in the future of HSBC under the leadership of CEO Georges Elhedery, stating that with the strong foundations established during his time as chairman, he is optimistic about the bank’s continued success.
The bank’s nomination and corporate governance committee has already begun the process of selecting a successor to Tucker. The search for a new chairman will be led by Ann Godbehere, a senior independent non-executive director at HSBC. Godbehere acknowledged Tucker’s valuable contributions to the bank over the past eight years, highlighting his strategic guidance, improvements to governance processes, and leadership during the Covid-19 pandemic. The board intends to conduct a thorough process to identify the best candidate who can lead the board and support CEO Elhedery and the broader management team.
The announcement of Tucker’s retirement coincided with HSBC’s release of its first-quarter earnings, which showed a 32% drop in net profit to US$6.93 billion, or 39 US cents per share. Despite the decline in profits, the bank’s earnings exceeded analysts’ expectations, aided by a US$3 billion share-repurchase program. HSBC’s performance during a period of global trade tensions further underscored the bank’s resilience under Tucker’s leadership.
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