From Yahoo Finance: 2025-05-01 07:57:00

HSBC Chairman Mark Tucker to retire by end of year after nearly eight years, leaving hole at top of Asia-focused bank. Tucker oversaw bank’s pivot to Asia, shrinking presence in Western markets. Search for successor underway. Shares up 17% overall since he took over in 2017. Geopolitical tensions a constant challenge.

Former insurance executive Tucker to remain as strategic adviser to CEO Georges Elhedery. Board conducting thorough process to identify new Chairman. Sources say former Citigroup President Jamie Forese among best-positioned candidates. Tucker’s experience in Asia helped deepen HSBC’s business in the region.

Geopolitical tensions heightened for HSBC in May 2023 when Ping An Insurance of China lobbied for bank to spin off its Asian business, proposal defeated at annual shareholder meeting. Tucker’s experience in Asia from leading insurance group AIA to chairing HSBC helped navigate challenges.

HSBC retains ambitious performance targets after bumper first-quarter profit, despite possible global recession and shaky business confidence. Bank faced challenges from geopolitical tensions and COVID-19 pandemic during Tucker’s stewardship. Search for new Chairman underway on present board.

Read more: HSBC to lose Asia expert as Chairman Mark Tucker announces retirement