HSBC names Brendan Nelson chair

(Sharecast News) - HSBC Holdings said on Wednesday that it has named former KPMG partner Brendan Nelson as group chair following a protracted search. Nelson, 76, has served as interim chair since 1 October. He first joined the board in September 2023.

HSBC said the accountant had been appointed following a "robust" process, with both internal and external candidates considered.

However, some City watchers had expected a more-high profile figure to replace former incumbent Mark Tucker, who first announced plans to retire in May.

Chief executive Georges Elhedery also said a day earlier, when speaking at the Financial Times Global Banking Summit, that Nelson did not want to serve a full term of between six and nine years, "given the stage of his career".

Former chancellor George Osborne had been seen a potential candidate, as had Goldman Sachs executive Kevin Sneader.

HSBC is Europe's biggest bank but also has similarly extensive operations in Asia.

Elhedery took over as chief executive just over a year ago, and in that time, has undertaken a major overhaul of the business, including slashing its presence in Western countries in favour of Asia.

Tucker, who left in September, was chair for eight years.