HSBC Holdings plc provides an update on the HSBC Group Chairman succession process. Having joined the Board on 1 September 2017, and assumed the role of Group Chairman on 1 October 2017, Sir Mark Tucker has advised the Board of his intention to retire as Group Chairman before the end of 2025.

Mark commented: “It has been a great honour and privilege to lead HSBC as Chair. I am deeply grateful for the trust and support I have received from the Board, management, and colleagues and am very proud of all that we have accomplished together. With the strong foundations laid over the last eight plus years, I am very confident that under Georges’ leadership, HSBC will go from strength to strength. I wish HSBC and all its stakeholders continued success and prosperity.“

The Board’s Nomination and Corporate Governance Committee has commenced the process to select Sir Mark’s successor as Group Chairman. This process is being led by Ann Godbehere, Senior Independent non-executive Director.

Ann Godbehere commented: “On behalf of the Board and all our colleagues at HSBC, I want to thank Mark for the tremendous value he has added to HSBC over the past eight plus years. As Group Chairman, he has provided strategic guidance and clarity to the management team, streamlined the Board and overseen material improvements to the Group’s people succession and governance processes. Mark also provided excellent stewardship of the Bank through the COVID-19 pandemic, and most recently, led the Group CEO succession process. Very importantly, he has also deepened the Group’s relationships with key clients, regulators and investors around the world.

“The Board is conducting a thorough process to identify the best candidate to lead the Board, and support Group CEO, Georges Elhedery, and the wider management team, through the next period of development and growth for the Bank. I am delighted that Mark will remain as a strategic adviser to the Group CEO and the Board whilst the succession process for a permanent Chair continues.”

The Company will provide an update on succession for the Group Chairman role in due course.

Save as disclosed above, there is no other information required to be disclosed pursuant to Rule 13.51(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and no matters relating to the retirement of Sir Mark Tucker that need to be brought to the attention of the shareholders of the Company.

Source: HSBC