HSBC (0005) said on Thursday that chairman Mark Tucker plans to retire by the end of this year, after nearly eight years in the role at Europe's biggest bank.
Tucker, 67, will remain as a strategic adviser to chief executive Georges Elhedery, the bank said, adding that it had begun a search for his successor.
Tucker's departure will not come as a major shock to investors, given he was nearing the end of the nine-year maximum advised for chair roles under Britain's corporate governance code, but it leaves a hole at the top of the Asia-focused bank.
Former insurance executive Tucker presided over a period of sweeping restructuring at HSBC, during which the bank shrank its presence in Western markets such as the United States, Canada and France in favor of a pivot to Asia.
"The board is conducting a thorough process to identify the best candidate to lead the Board, and support Group CEO, Georges Elhedery, and the wider management team, through the next period of development and growth for the Bank," Ann Godbehere, senior independent non-executive director, said in a company statement.
HSBC, among major European lenders, this week retained ambitious performance targets after bumper first quarter profits, despite threats to their earnings from a possible global recession and shaky business confidence.
Asia and trade-focused HSBC is potentially more exposed than some peers to the fallout from the US President Donald Trump's sweeping tariffs, as they threaten to disrupt global trade corridors and hurt China and Asia-based businesses that import or export.
REUTERS
