Could HSBC appoint an internal candidate for chair?

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HSBC May Consider Internal Candidate for Chair if External Search Fails

HSBC may appoint an individual from its existing board to the role of chair if the bank is unable to secure a suitable external candidate. This consideration arises as the global search for a new chair to succeed Sir Mark Tucker, who departs in October, has yet to yield a definitive selection. The bank has restarted its recruitment efforts after an initial process involving over 100 candidates did not result in a finalised shortlist.
Relaunched Search After Initial Candidates Declined

The global search for a new chair at HSBC has been relaunched following the unavailability or refusal of several approached individuals. Initial considerations included prominent figures such as Zurich Insurance Group CEO Mario Greco, who reportedly "immediately said no," and executives from Goldman Sachs like Kevin Sneader and Richard Gnodde, as well as former Lloyd’s of London chair Bruce Carnegie-Brown. HSBC and its recruitment firm, MWM Consulting, are now re-engaging with individuals previously deemed unsuitable before board engagement.
Interim Chair to Take Over in October

Brendan Nelson, the current head of the audit committee, is slated to assume the position of interim chair from October 1. This interim appointment will be in place until a permanent successor is identified and appointed. The bank's board, led by senior independent director Ann Godbehere, has been undertaking the search since last year.
Criteria for Successor and Potential Adjustments

The ideal candidate for HSBC's chair position is expected to possess significant financial expertise coupled with geopolitical sensitivity, given the bank's extensive operations in both the United States and China. A strong understanding of Asia, where HSBC generates the majority of its profits, and a commitment to a demanding full-time role involving substantial travel are considered essential qualities. Despite an annual remuneration package of £1.6 million (RM9.1 million), insiders acknowledge that some of these criteria may need to be relaxed to find a suitable appointee.

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Could HSBC appoint an internal candidate for chair?

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