HSBC share price: Incoming chairman to face CEO succession questions

Mark Tucker to meet with investors ahead of taking up his post

HSBC share price: Incoming chairman to face CEO succession questions

HSBC Holdings’ (LON:HSBA) incoming chairman Mark Tucker is set to face questions over who will take the top job at Europe’s biggest bank, Reuters has reported. Tucker is set to meet investors in the Asia-focused lender ahead of taking up his post in October.

HSBC’ share price has slipped into the red in today’s session, having given up 0.37 percent to 733.50p as of 13:23 BST, largely in line with losses in the broader UK market, with the benchmark FTSE 100 index currently standing 0.33 percent lower at 7,375.97 points. The group‘s shares have added more than 31 percent to their value over the past year, and are up by some 11 percent in the year-to-date.

Mark Tucker is set to step up as HSBC chairman on October 1, succeeding Douglas Flint and Reuters reports that one of his first priorities when he meets shareholders from next week will be deciding on whether to appoint an outsider to succeed Stuart Gulliver or look within the bank instead. Tucker, who previously led Asian insurance giant AIA Group and London-listed Prudential (LON:PRU), is the first outsider to become HSBC’s chairman in the lender’s 152-year history.

The newswire reports that some investors are nervous about the idea of an external replacement for Gulliver amid worries that having outsiders in both chairman and chief executive roles would be a big change for the lender and possibly too disruptive.

Earlier this year, news emerged that HSBC had approached Peter Hancock, the former boss of American International Group, to be its next chief executive officer. Matthew Westerman, who joined the FTSE 100 group from Goldman Sachs in February last year and has since shaken up HSBC’s investment bank, has also reportedly emerged as a contender for the top job. 

As of 13:56 BST, Wednesday, 13 September, HSBC Holdings plc share price is 734.20p.

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