HSBC Chairman Faces Mounting Pressure After Mustier Rebuff
- Mustier was seen as a key external candidate for HSBC position
- HSBC has indicated search for new CEO could take until August
UniCredit CEO Mustier Rules Himself Out of HSBC Running
HSBC Holdings Plc Chairman Mark Tucker’s drive to reboot the giant lender needs a reboot.
The decision by UniCredit SpA’s Jean Pierre Mustier to drop out of consideration for HSBC’s top job marks the second high-profile setback in less than a week for Tucker, the first outsider ever hired as the chairman of the 165-year-old institution. The bank’s shares have tumbled 6.9% since a Feb. 18 strategy overhaul fell flat and on Monday reached their lowest in more than three years.
Tucker is now conducting the search for a new CEO in the spotlight -- his first pick lasted just 18 months -- with shareholders demanding answers and some insiders questioning the board. Mustier’s exit further complicates an already drawn-out process and deepens the uncertainty around interim CEO Noel Quinn and the plan he announced last week to cut 35,000 jobs.