HSBC's chair hunt going so poorly they're re-approaching people they already rejected
The bank, which is Europe's largest lender, is trying to replace Sir Mark Tucker, who will step down in October to chair AIA, with people familiar saying the recruitment process had been slow, the Financial Times reported.
Executives considered by HSBC include Zurich Insurance Group CEO Mario Greco, Goldman Sachs' Kevin Sneader and Richard Gnodde, and former Lloyd's of London chair Bruce Carnegie-Brown.
However, several candidates approached were either unavailable or declined the role, with Zurich confirming Greco 'immediately said no' after being contacted by a headhunter.
HSBC and its recruitment firm MWM Consulting have begun re-approaching individuals who had earlier been ruled out before the board could meet them.
With no firm candidate in place, Brendan Nelson, the head of the audit committee, will take over as interim chair from Oct 1.
The bank may consider appointing someone from its current board if it fails to identify a strong external candidate.
A new chair will need to juggle deep financial experience with geopolitical sensitivity, especially given HSBC's presence in both the US and China.
Familiarity with Asia, where HSBC earns the majority of its profits, and a willingness to commit to a demanding full-time role with extensive travel are seen as essential qualities.
Despite starting the search last year and offering £1.6 million (RM9.1 million) in annual pay and benefits, HSBC's board, led by senior independent director Ann Godbehere, has yet to settle on a successor, with insiders acknowledging some criteria may have to be relaxed.
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