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HSBC’s longtime chair Sir Mark Tucker will step down in September to become non-executive chair of Hong Kong-based insurer AIA, marking the latest change for the bank as it pursues a sweeping restructuring programme.
Tucker, who has served as chair of the UK-headquartered bank for nearly eight years, had said last month he would retire from the board.
The head of HSBC’s audit committee, Brendan Nelson, will take over as interim chair while the Asia-focused bank continues its search for a permanent replacement, the company said.
Tucker will serve as a “strategic adviser” to chief executive Georges Elhedery and the board “whilst the process to identify his permanent successor continues”, HSBC added.
Tucker 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.”
He called AIA’s role “protecting the financial wellbeing of millions of families across Asia”.
Tucker served as chief executive of AIA from 2010 to 2017. He will replace Edmund Tse, who has been chair of the insurer for 14 years, including while Tucker was CEO.
The former professional footballer also served as chief executive of London- and Hong Kong-listed insurer Prudential from 2005 to 2009.
Tucker has overseen Elhedery’s sweeping reforms at the bank since last September, including a merger of its corporate and investment banking units and an exit from businesses where it did not consider itself a market leader, including banking in Canada and investment banking in the US.
HSBC last month also merged its remaining investment banking and mergers and acquisitions advisory services into a new business segment alongside private credit and debt services called “capital markets and advisory”.
The next chair will have to decide whether to continue to back Elhedery’s restructuring efforts.
