Former UK Chancellor George Osborne has emerged as a potential candidate for HSBC’s vacant chairman position, according to a Sky News report. Sources indicate Osborne was approached during the summer about succeeding Sir Mark Tucker, who stepped down in September to return as non-executive chairman of insurer AIA.
During his eight-year tenure as HSBC chair, Tucker oversaw the recent group CEO transition that saw Georges Elhedery replace Noel Quinn after five years in the role, while also guiding the bank’s global consolidation initiatives. Tucker remains as an adviser to the HSBC board.
Tucker announced his retirement intentions in May, prompting HSBC’s Nomination and Corporate Governance Committee to launch a succession search. The shortlist reportedly includes Osborne alongside former Standard Chartered deputy chairman Naguib Kheraj and Kevin Sneader, Goldman Sachs’ president for Asia Pacific excluding Japan.
HSBC has appointed Brendan Nelson, a KPMG veteran and former non-executive director at NatWest and BP, as interim chair during the search process.
Osborne’s potential appointment would represent an unconventional choice considering his limited direct banking experience. The former chancellor, who served from 2010 to 2016 in the cabinet of Prime Minister David Cameron, currently chairs the British Museum and works as a partner at merger advisory firm Robey Warshaw. He also acts as an adviser to US-based cryptocurrency exchange Coinbase.
Source: https://www.fintechfutures.com/
