Brendan Nelson has been appointed to serve as the Interim Group Chair of HSBC Holdings plc, effective from October 1, 2025. This decision follows a formal announcement made earlier in June 2025 regarding the succession plan for the Group Chairman position. In conjunction with this new role, Nelson will receive an annual fee of £1.5 million, conforming to the Directors’ Remuneration Policy that shareholders approved during the 2025 Annual General Meeting. It is noted that he will not be eligible for additional director fees for his other positions within the company, including those at HSBC UK Bank plc, while he fulfills his duties as Interim Group Chair.
The transition of responsibilities between Nelson and Sir Mark Tucker, the outgoing Group Chairman who will resign from his role and the Board on September 30, 2025, has been carefully managed. They have engaged in a comprehensive handover process over recent months to meet regulatory standards and ensure a seamless transition.
The search for a new permanent Group Chair is currently underway, led by Ann Godbehere, who serves as the Senior Independent Director. Further updates regarding this succession process will be communicated in due time. Meanwhile, Sir Mark Tucker will continue to assist as a strategic adviser to the Group CEO and the Board during the transition period.
Brendan Nelson carries substantial experience from his previous career at KPMG LLP, where he spent more than 25 years. He became a partner in 1984 and held a seat on the KPMG UK board from 2000, eventually becoming Vice Chairman in 2006 until his retirement in 2010. Throughout his tenure at KPMG, he occupied various senior roles, including Global Chairman of both Banking and Financial Services.
Additionally, Nelson has served on the boards of bp plc and NatWest Group plc as a non-executive director and has held a position as an independent non-executive director and chair of the audit committee for Ulster Bank Ireland DAC. He is a qualified Chartered Accountant with prior involvement in several key financial regulatory panels, including the Financial Services Practitioner Panel and the Financial Reporting Review Panel of the UK Financial Reporting Council. Notably, he was the President of the Institute of Chartered Accountants of Scotland from 2013 to 2020.
The Board looks forward to Nelson’s leadership during this interim period as the company navigates through its transitional phase in the executive leadership structure. The objectives during this time will include maintaining stability and confidence within the organization while steering it towards the identification of a permanent successor for the Group Chair role.