HSBC chair Mark Tucker to join AIA as search for successor continues

(Sharecast News) - HSBC has confirmed that its departing chair Mark Tucker is set to leave the bank in three months without the board having yet announced a successor. Tucker, who announced last month his intention to retire before the end of the year, has now been recruited as the non-executive chair of AIA and will join the insurance giant on 1 October.

Accordingly, he will step down as HSBC group chair with effect from 30 September, after eight years with the company.

Independent non-executive director Brendan Nelson, who is chair of the group audit committee, is to step in as interim group chair once Tucker leaves.

HSBC said the succession process to select a permanent replacement is "ongoing" and the bank will provide updates "in due course".

"The Nomination and Corporate Governance Committee continues to make progress on the succession process for the next HSBC Group Chair," said Ann Godbehere, HSBC's senior independent director who is leading the search.

"Our focus is on securing the best candidate to lead the Board and wider Group over the next phase of our growth and development," she said.