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HSBC has appointed the former KPMG partner Brendan Nelson as its new chair after a chaotic search process that left the job vacant for several weeks.
Nelson, who has been serving as interim chair since the start of October, is a surprise choice for a position that requires the diplomatic skill to bridge China and the west as well as deep banking experience.
HSBC’s failure to secure a high-profile chair will raise questions about the effectiveness of the board at one of London’s largest listed companies.
Nelson — who is 76 years old and has spent most of his career in the UK — may be seen as a temporary appointment until the bank can secure another candidate.
Speaking at the Financial Times Global Banking Summit on Tuesday, before the announcement was made, chief executive Georges Elhedery said Nelson did not want to serve a full term of six to nine years.
The former accountant would stay in the role “for as long as it takes until the board and the nomination committee identify the right chair”, Elhedery said.
HSBC said the decision was made after a “robust process” that looked at both internal and external candidates.
Among those in the mix, analysts said, had been former chancellor of the exchequer George Osborne and Goldman Sachs Asia boss Kevin Sneader.
“Since assuming the role of interim group chair, Brendan has demonstrated his excellent leadership capabilities backed by his strong banking and governance credentials,” said Ann Godbehere, the senior independent director who led the recruitment process.
Nelson spent 25 years at KPMG, rising to become the head of its global financial services practice, and has previously served as a non-executive director at BP and NatWest. He joined HSBC’s board in September 2023.
He replaces Sir Mark Tucker, who stepped down in September this year to become chair of insurer AIA.