George Osborne emerges as surprise contender to become HSBC chairman

"Former chancellor George Osborne has been shortlisted as a shock candidate to become the next chairman of HSBC Holdings, one of the most powerful and prestigious roles in global banking, according to reports. Sky News revealed that Osborne - who served as chancellor from 2010 to 2016 - was approached over the summer as part of HSBC's year-long search to replace outgoing chair Sir Mark Tucker. City sources say he is now among three remaining contenders being considered by the board."

"The other candidates are understood to be; Naguib Kheraj, former Barclays finance director and ex-deputy chairman of Standard Chartered and Kevin Sneader, former global managing partner of McKinsey, now a senior executive at Goldman Sachs in Asia It remains unclear whether any other names are still formally in contention or if the board views a particular candidate as the frontrunner. Osborne's presence on the shortlist has raised eyebrows across the Square Mile. Despite his extensive political and advisory background, he has no public company chairmanship experience, and his direct banking experience is limited compared with his rivals."

"HSBC - valued at nearly £190bn and the second-largest FTSE 100 company after AstraZeneca - has faced criticism for running what observers describe as a chaotic succession process. Sir Mark stepped down at the end of September to chair insurer AIA, although he continues to advise HSBC's board. Former KPMG vice-chair Brendan Nelson was installed as interim chair last month while the search continues."

George Osborne has been shortlisted as a candidate to become chairman of HSBC Holdings. He was approached over the summer during HSBC's year-long search to replace outgoing chair Sir Mark Tucker and is reportedly among three remaining contenders. Other candidates include Naguib Kheraj and Kevin Sneader. Osborne lacks public company chairmanship experience and has less direct banking experience than some rivals. HSBC faces criticism over a chaotic succession process after Sir Mark stepped down and Brendan Nelson became interim chair. Osborne's post-Parliament roles include editor of the London Evening Standard, partner at Robey Warshaw, chair of the British Museum, and adviser to Coinbase.

Read at Business Matters