Banking major HSBC has recruited an outsider to become its new chairman later this year, appointing Asian insurer AIA’s chief executive Mark Tucker to succeed Scots-born chairman and former finance chief, Douglas Flint.
Tucker, who has held several leadership jobs including running Prudential, the UK insurance giant, will become HSBC’s chairman designate on 1 September, becoming non-executive group chairman on 1 October.
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One of Tucker’s tasks will be helping the search for an eventual successor to another long-serving HSBC veteran, group chief executive and former head of its investment banking division, Stuart Gulliver.
Rachel Lomax, HSBC’s senior independent director, said: “We are delighted that in Mark Tucker we have secured someone who possesses the rare combination of experience demanded by the HSBC Board.
“He has a long track record of successful leadership of complex financial services businesses in both Asia and the UK.”
Lomax also expressed the board’s “warm appreciation of the dedicated service that Douglas Flint has given to HSBC over a long and distinguished career.
“Douglas has skilfully led HSBC through the turbulent times of the financial crisis and its aftermath. As an industry leader, he has played a key role in contributing to the development of the post-crisis regulatory framework.”
Flint served the bank for nearly 22 years, first as finance chief and then as chairman from 2010.