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Hodson, who has been with S&F for 35 years, has decided to retire and will be replaced by Shearer at the end of the year.
The news of personnel changes comes as the bank released results which showed a sharp improvements in profits.
It was recently the subject of takeover speculation involving Icelandic shareholders, the Daily Telegraph reported.
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
UK senior partner Phil Verity has been elected for a second term at Mazars