The final contenders for the prestigious role of HSBC Holdings chairman, including former chancellor George Osborne, will present their strategic visions to the board of Europe's largest lender early next week.
The Final Selection Process
Sky News has learned that the remaining candidates for one of Britain's most coveted corporate positions have been asked to pitch their views on the banking giant's future direction and governance. The presentations will take place before HSBC's directors, including acting chairman Brendan Nelson, as the bank aims to finalise the appointment of Sir Mark Tucker's successor.
George Osborne, who served as chancellor from 2010 to 2016, is among the leading contenders, alongside former McKinsey chief Kevin Sneader. Both are expected to meet with the board during the critical selection process.
Notable Withdrawals and Candidate Backgrounds
In a significant development, Naguib Kheraj, the former Barclays finance chief and ex-Standard Chartered deputy chairman, has reportedly withdrawn from the recruitment process in recent days. This narrows the field as HSBC approaches the final decision.
While Mr Osborne possesses limited direct banking experience or plc boardroom background, he has advised HSBC on key strategic initiatives since becoming a partner at advisory firm Robey Warshaw in 2021. His involvement with the bank dates back to 2012, when he was reported to have intervened on HSBC's behalf during US money laundering charge negotiations.
The former chancellor has built an impressive portfolio of corporate roles and currently chairs the British Museum, demonstrating his capability in high-profile leadership positions.
HSBC's Strategic Context and Recent Performance
With a market capitalisation approaching £180 billion, HSBC stands as the second-largest company on the FTSE-100 index, trailing only pharmaceutical giant AstraZeneca. The search for Sir Mark Tucker's replacement has been ongoing for nearly a year, with external observers characterising the succession process as somewhat chaotic.
Sir Mark stepped down at the end of September but continues to serve as an adviser to the board while returning to his previous role as non-executive chairman of insurer AIA. His tenure marked a significant chapter in HSBC's 152-year history, as he became the first outsider to assume the chairman's position.
HSBC's shares have performed exceptionally well over the past year, surging more than 40% despite challenges presented by former President Donald Trump's global tariffs regime. The bank's most substantial strategic move in 2025 has been its $14 billion offer to acquire the remaining shares of Hong Kong's Hang Seng Bank.
The leadership transition comes as new chief executive Georges Elhedery, who succeeded Noel Quinn in July 2024, implements a sweeping reorganisation. This restructuring divides HSBC into eastern and western markets businesses while merging commercial and investment banking operations into a single division.
Ann Godbehere, Senior Independent Director, leads the chair selection process. In a late September statement, HSBC confirmed that "the process to select the permanent HSBC Group Chair is ongoing" and promised further updates in due course.
