Doomed to fail? HSBC’s hunt for new chief executive
Mark Tucker, the incoming chairman of HSBC, is in a hurry to find a successor for Stuart Gulliver as chief executive of Europe’s biggest bank by assets and plans to announce the board’s choice this year. While its board of directors is under no obligation to bring in an outsider, HSBC has instructed several headhunting companies, including Russell Reynolds, to compile a list of potential global candidates who have never worked at the bank. Simon Hill, Managing Consultant of Hill Coates Associates, says that HSBC are being sloppy in defining what they want in a new CEO and then asking one search firm to target the few people that match the brief. Getting several search firms to make lists shows they don’t know what they want or how to use essentially simple search techniques to get to that person. The scatter gun, database approach of the big international firms will not help them!