By Kosaku Narioka
HSBC Holdings has named Brendan Nelson as group chair, concluding a year-long search to fill one of the biggest jobs in the finance industry.
Nelson, who joined the board in September 2023, had been serving as interim group chair since Oct. 1, the U.K. bank said. His predecessor Mark Tucker stepped down as group chair on Sept. 30.
Europe's biggest bank by assets tapped headhunters in late 2024 to find a replacement for Tucker, but the board has struggled to agree on a successor, The Wall Street Journal has reported, citing people familiar with the search.
The job atop the bank, which is based in London but makes a lot of its money in Asia, is one of the most demanding in the world of finance as it requires high-level connections in Beijing, London and Washington, and the nerve to straddle geopolitical divides.
HSBC has been undergoing a shake-up under Chief Executive Georges Elhedery, who took over in the fall of 2024 and has since set about cutting staff, and restructuring divisions.
In a statement on Wednesday, the bank said Nelson had an extensive career in financial services. He led the global financial services practice at KPMG, advising and auditing banks, and served on the boards of BP and Royal Bank of Scotland, it said.
"I look forward to continuing to work with the board, Georges and the wider management team as we deliver on our strategic and financial objectives," Nelson said.
Ann Godbehere, senior independent director who led the selection process, said Nelson had demonstrated excellent leadership since assuming the interim role.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
12-03-25 0032ET
