The 67-year-old will step down from the role by the end of the year but continue as a strategic adviser as a successor is sought.
Tucker was the first external candidate brought in to chair the bank when appointed in 2017 – and is nearing the nine-year maximum term under the UK corporate governance code.
The announcement came ahead of today’s annual general meeting of the group and just days after first-quarter results showed a 25 per cent fall in profits as HSBC sounded the alarm over uncertainty caused by the trade war.
Names in the frame to replace Tucker are said to include current board member Jamie Forese, the former president of America’s Citigroup.
It is the latest upheaval at HSBC, where chief executive Georges Elhedery – in charge since September – has already embarked on a drive to slash staff costs.
At the same time, it is dividing its operations between eastern and western divisions, and has axed much of its investment banking business including in the UK, Europe and the US.
Tough at the top: HSBC chairman Sir Mark Tucker will step down from the role by the end of the year but continue as a strategic adviser as a successor is sought
Previously chief executive of Asian insurer AIA, Tucker oversaw thousands of job cuts as HSBC shrank its presence in western markets such as the US, Canada and France in favour of a shift to Asia.
And he has had to navigate geopolitical tension between the West and China.
HSBC’s HQ is in London but it was founded in Hong Kong, the base that provides most of its earnings. That left Tucker in the firing line between East and West.
Notably, HSBC was criticised in 2020 by Mike Pompeo, the then US secretary of state, for backing Hong Kong’s repressive national security law.
It has also had to fend off a revolt by Chinese insurer Ping An, a big shareholder, which tried to force it to separate out the more profitable Asian operation.
Tucker worked alongside four chief executives. Stuart Gulliver was in charge when he joined in 2017. Gulliver’s successor John Flint was ousted by Tucker after less than 18 months. He was succeeded by Noel Quinn, who retired last year.
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This article was originally published by a www.dailymail.co.uk . Read the Original article here. .