HSBC has named Brendan Nelson as chairman after a year-long search to fill one of the most important roles in the global financial sector. Nelson, 76 years old, a veteran of KPMG, joined the board in 2023 and has served as interim chairman since October. He succeeds Mark Tucker, who left the bank in September to join insurer AIA.
Europe’s largest bank by assets sought candidates in late 2024 to replace Tucker. The presidency requires coordination between London, Beijing and Washington, in addition to the ability to deal with geopolitical tensions, as the bank, based in the United Kingdom, obtains a large part of its revenue in Asia.
The appointment comes during the restructuring led by CEO Georges Elhedery, who took over in 2024 and has been promoting staff cuts and reorganizing divisions. Nelson led KPMG’s global financial services area, advising banks, and has served on the boards of BP and the Royal Bank of Scotland.
Among the competitors were George Osborne, former head of the British Treasury, and Kevin Sneader, former leader of McKinsey and currently at Goldman Sachs. Senior Independent Director Ann Godbehere said Nelson demonstrated solid leadership as interim. The bank evaluated internal and external candidates.
Before the announcement, Elhedery stated that Nelson does not intend to serve a traditional six- to nine-year term. The HSBC statement did not specify the duration of the role, leaving open the possibility of a shorter period while the board defines a long-term name.
In the United Kingdom, unlike the USA, chairmen tend to be external, bringing independence and the ability to supervise management.
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