Britain's largest bank, HSBC, has concluded its protracted search for a new chair by confirming its interim leader, Brendan Nelson, in the role permanently. The announcement on Wednesday 3rd December 2025 brings to a close a near year-long process to find a successor for Sir Mark Tucker, who departed in September.
A Safe But Surprising Choice
The decision to remove the 'interim' label from Nelson's title has been met with a degree of head-scratching across the City of London's financial district. Despite his extensive credentials, including senior roles at BP, NatWest, and a 25-year career at KPMG where he rose to Vice Chairman, the appointment is widely viewed as a short-term solution.
Brendan Nelson, 76, joined the HSBC board in September 2023 and stepped up as interim chair in October following Tucker's exit. Banking analyst John Cronin of Seapoint Insights described the move as "a temporary fix," highlighting the board's apparent challenges in securing a suitable external candidate for the high-profile position.
The Contenders That Got Away
The search process saw several notable figures linked to the role, making Nelson's eventual permanent appointment somewhat unexpected. Among the rumoured contenders was Kevin Sneader, the former global managing partner of McKinsey, whose candidacy was complicated by his recent ousting from the consultancy giant.
Perhaps more surprisingly, former Chancellor George Osborne also emerged as a potential candidate. Osborne's historical advocacy for deeper UK-China ties was seen as aligning with HSBC chief executive Georges Elhedery's strategic focus on Asia. However, this same focus also raises questions for any HSBC chair, given the bank's delicate position straddling US-China geopolitical tensions.
Nelson as Caretaker Chair
Questions surrounding the permanence of Nelson's role may be answered by the chair's own stated preferences. Ahead of the public announcement, CEO Georges Elhedery revealed that Nelson had expressed a desire not to serve the typical six to nine-year term due to the stage of his career.
Elhedery clarified that Nelson had agreed to remain in post "for as long as it takes until the board and the nomination committee identify the right chair." This reinforces the perception of Nelson as a capable caretaker, stepping in to provide stability while the search for a long-term leader effectively continues, albeit without a public deadline.
The appointment also briefly touched on the topic of age in boardrooms. On the same day, Financial Conduct Authority chief Nikhil Rathi, when asked at a conference about considering age for top roles, emphasised that regulators "look at competence."
