HSBC approaches former McKinsey boss Sneader on chair role - Sky News

(Alliance News) - Kevin Sneader, a former chief of global consulting firm McKinsey & Co, "has been approached" about potentially becoming chair of HSBC Holdings PLC, Sky News reported on Friday

"City sources said Mr Sneader was one of a number of people being considered by the board nomination committee assembled by HSBC," Sky stated. It said the other candidates' identities remained "unclear".

Formerly the global managing partner of McKinsey, Sneader is currently the president of Asia Pacific Ex-Japan at Goldman Sachs Group Inc.

However, Sky noted: "One insider suggested the circumstances of Mr Sneader's exit from McKinsey, as well as the fact he has little experience running or chairing London-listed businesses, could weigh against him as HSBC deliberates over the choice of [outgoing Chair Mark Tucker's] successor."

HSBC earlier on Friday confirmed that Tucker will step down at the end of September, having previously announced that he would leave by the end of this year.

Also, Hong Kong-based insurer AIA Group Ltd said Tucker will become its chair on October 1, with its own current Chair Edmund Sze-Wing Tse set to retire at the end of September.

Sky said that HSBC did not respond to its request for comment.

Shares in HSBC closed 0.8% higher at 880.20 pence on Friday in London.

By Emma Curzon, Alliance News reporter

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