According to sources cited by the media, HSBC Holdings (00005) is expected to promote a new CEO from within and may announce it as soon as this month. Qi Yaonian, who has served as HSBC's CEO for 5 years, announced his intention to retire in April. HSBC Chairman Mark Tucker will also step down in 2026.
According to media reports, the nominations committee is expected to select a new CEO from among several top executives, including Enoch Yiu, Global CFO, Greg Hingston, Global Head of Wealth and Personal Banking, Peter Wong, the CEO of The Hongkong and Shanghai Banking Corporation, and Jean Pierre Mustier, the former CEO of UniCredit and current Chairman of Tikehau Capital. They are all reportedly top candidates.
The news suggests that HSBC is considering taking financial incentives and reallocating key projects to retain top executives who were not selected as CEO.
According to HSBC shareholders, it would be a good thing to increase compensation to better retain the top management, and it is indeed important to ensure the stability and continuity of the bank considering the handover of the CEO.