HSBC has chosen Brendan Nelson, a former KPMG partner, as its new group chair after weeks of searching for the right person.
Nelson, who is 76 years old, has been acting as interim chair since October after Sir Mark Tucker stepped down in September to become chair of the insurance company AIA.
Nelson was also leading HSBC’s group audit committee, and he will continue in that role until February next year, the bank said.
His appointment came as a surprise because the role is one of the most important jobs in UK banking and requires managing HSBC’s business in both the West and its large operations in Asia.
HSBC said it had concluded a “robust process”, during which it employed headhunters MWM Consulting to vet both internal and external candidates.
Former UK chancellor George Osborne had reportedly been a frontrunner for the role. Osborne worked with HSBC during his time at boutique investment bank Robey Warshaw.
Kevin Sneader, Asia head at Goldman Sachs, was another person in the mix.
He would nonetheless hold the role “for as long as it takes until the board and the nomination committee identify the right chair”, Elhedery added.
According to sources cited by the Financial Times, HSBC’s board had reserved two days this week to interview potential candidates, including former UK chancellor George Osborne and Goldman Sachs’ Asia chief Kevin Sneader.
However, after being divided on the suitability of the other contenders, the board ultimately chose Nelson as their preferred candidate.
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