HSBC on Thursday said that chairman Mark Tucker will retire before the end of the year, after eight years at the top of Europe’s largest bank.
During his time as chairman, Tucker presided over a period of restructuring and oversaw the bank’s pivot towards Asia, where it generates most of its revenue.
“Tucker has advised the Board of his intention to retire as Group Chairman before the end of 2025,” HSBC said in a statement on Thursday.
It added that the board is already searching for his replacement.
The latest leadership change comes after Georges Elhedery stepped up as chief executive in September.
Tucker praised the bank’s “strong foundations,” and expressed confidence that it will “go from strength to strength.”
HSBC on Tuesday reposted that its profit attributable to shareholders fell by around a third in the first quarter to $6.9 billion, as it took a hit from the sale of its operations in Canada and Argentina.
In the earnings statement, Elhedery warned of uncertainty in the global economy, rocked by US tariffs, but assured that HSBC was approaching the decision from a “position of financial strength.”—- Agence France-Presse
