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HSBC Holdings PLC is preparing to start the search for its next chair, Sky News reported on Saturday morning.

‘City sources’ told Sky that the lender’s board has appointed headhunters to recruit a successor to current Chair Mark Tucker.

Tucker is expected to step down in the spring of 2026, at around the same time as HSBC’s annual general meeting, having served as chair since 2017.

‘Executives said on Saturday, however, that he could leave earlier depending upon the pace of the process,’ Sky said.

The search for Tucker’s successor is being coordinated at the board level by Senior Independent Non-Executive Director Ann Godbehere.