HSBC Holdings is preparing to launch a search for its next chairman, with Mark Tucker expected to depart around the bank's annual meeting in spring 2026, Sky News reported.

The bank has appointed headhunters, with MWM Consulting among the frontrunners to lead the recruitment process. Ann Godbehere, the bank's senior independent non-executive director, is coordinating the search at board level.

Tucker, who became chairman in 2017, made history as the first outsider to hold the role in the bank's 152-year history. During his tenure, he has overseen significant changes, including a rapid leadership transition and record-breaking annual profits.

The incoming chairman will face significant challenges, particularly navigating the complex geopolitical landscape between China and the United States. HSBC, with deep ties to both countries, remains particularly exposed to potential trade tensions.

Tucker's leadership has been marked by notable achievements. He helped steer the bank through the COVID-19 pandemic and oversaw the sale of its Canadian unit to Royal Bank of Canada for close to 10 billion dollars. The bank has also seen its London-listed shares rise by nearly a quarter over the last year, with a current market capitalisation of almost 131 billion pounds.

Sources indicated that the board will consider both existing non-executive directors and external candidates for the position. The complex nature of the chairmanship means preparations for the handover are beginning well in advance of Tucker's departure.

During his time as chairman, Tucker has managed significant leadership changes. He appointed John Flint as chief executive in 2018, only to replace him after 18 months with Noel Quinn. Most recently, Quinn was succeeded by Georges Elhedery in July, who immediately undertook a major reorganisation of the bank's structure.

The incoming chairman will inherit a bank that has demonstrated resilience and strategic adaptability, including a bold move to rescue the British arm of Silicon Valley Bank in an expedited Bank of England-coordinated deal.

HSBC has not yet commented on the chairman search, with the process expected to unfold over the coming months.

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