Banking giant HSBC’s outgoing chairman Sir Mark Tucker will step down at the end of September to take up the same post at Hong Kong-based insurer AIA, the bank has announced.
It was announced last month that Sir Mark would retire by the end of 2025, ending an eight-year tenure at the helm of the bank’s board.
His departure date comes after AIA confirmed his appointment as non-executive chairman on October 1 – a move that sees him return to the group he led as chief executive for seven years until 2017.
HSBC is still searching for his permanent replacement, but Brendan Nelson, head of the group’s audit committee, will take on the role on an interim basis.
Sir Mark will remain as a strategic adviser to the group’s chief executive Georges Elhedery and the board as the hunt for his successor continues.
Ann Godbehere, senior independent director who is leading the search, said the bank was “making progress” on the succession process.
On his appointment at AIA, Sir Mark said: “I am deeply honoured and excited to be taking on the role of independent chairman of one of the world’s largest insurance companies.
“AIA plays a critical role in protecting the financial wellbeing of millions of families across Asia.”
At the insurer, he replaces Edmund Sze-Wing Tse, who retires after a career spanning more than six decades with the business.
Sir Mark Tucker took on the role of chairman at HSBC in October 2017 and has been at the helm of one of the world’s biggest banks during crises including the Covid pandemic, the rising cost of living, and growing tensions between the US and China.
Under the leadership of Mr Elhedery, the bank is undergoing a major overhaul as it seeks to slash costs by 1.5 billion US dollars (£1.1 billion) by the end of 2026.
HSBC has also faced mounting pressure from one of its biggest shareholders, Chinese insurer Ping An, in recent years to split the bank in two and create a separate Asia-headquartered business.
A plan to break up the bank was rejected by shareholders last year, but the restructuring announcement initially prompted some speculation that it could eventually fracture.
Sir Mark said on announcing plans to leave last month that it had been a “great honour and privilege to lead HSBC as chair”.
