Ex-McKinsey boss Kevin Sneader approached to head up HSBC

Global bank HSBC has reportedly approached Kevin Sneader to become its new boss. Sneader is said to be among a number of candidates now being considered for the role.

As HSBC looks to replace out-going Mark Tucker as the chair of HSBC Holdings, reports from Sky News suggest the former head of strategy consultancy McKinsey & Company is in the running. Citing City sources, Sky News said that Kevin Sneader is currently one of a number of people being considered by the board nomination committee.

Sneader left McKinsey after it agreed to pay $600 million to 49 US states for its role in advising opioid manufacturers. While the firm’s actions relating to the case occurred before Sneader’s tenure as leader, the incident tainted his leadership to the extent that he became the first senior partner not to be elected for a second term in 40 years.

Since then, he has taken a senior role at Goldman Sachs, where he now serves as president of Asia-Pacific, excluding Japan. But while Sneader is also a member of the partner ranks of the Wall Street bank, one insider suggested he still lacks the experience of running or chairing London-listed businesses. Coupled with the circumstances of Sneader's exit from McKinsey, this was said to be something which could weigh against him as HSBC deliberates over the choice of Mark Tucker’s successor.

Tucker announced he would leave his role in September, after which he would return to chair AIA, the Hong Kong-based insurance company he previously ran. In the interim, Brendan Nelson is serving as chair, with senior independent director Ann Godbehere leading the process to find a permanent replacement.