Sir Mark Tucker has advised the HSBC Board of his intention to retire as Group Chairman before the end of 2025.

Sir Mark, who became Chairman in October 2017, said it had been a “great honour and privilege” to lead the Board over the past eight years.

“I am deeply grateful for the trust and support I have received from the Board, management and colleagues and am very proud of all that we have accomplished together,” he said.

“With the strong foundations laid over the last eight plus years, I am very confident that under [Group CEO Georges Elhedery’s] leadership, HSBC will go from strength to strength. I wish HSBC and all its stakeholders continued success and prosperity.”

Sir Mark Tucker

The process to select Sir Mark’s successor will be led by Ann Godbehere, Senior Independent Non-executive Director.

“On behalf of the Board and all our colleagues at HSBC, I want to thank Mark for the tremendous value he has added to HSBC over the past eight plus years,” she said.

“As Group Chairman, he has provided strategic guidance and clarity to the management team, streamlined the Board and overseen material improvements to the Group’s people succession and governance processes.

“Mark also provided excellent stewardship of the bank through the Covid-19 pandemic, and, most recently, led the Group CEO succession process. Very importantly, he has also deepened the Group’s relationships with key clients, regulators and investors around the world.”

Sir Mark will remain as a strategic adviser to the Group CEO and the Board whilst the succession process for a permanent Chair continues.