HSBC Names First Outsider as Chairman
LONDON — Mark Tucker, chief executive of the Asian life insurer AIA Group, is set to replace Douglas Flint as chairman of HSBC in October, the bank said on Sunday.
Mr. Tucker, 59, would be the first outsider to take the chairman’s role at HSBC as the bank, which is based in London but generates much of its profit in Asia, reshapes its leadership. He is expected to relocate from Hong Kong to London for the role.
One of Mr. Tucker’s first duties would be to lead the search for a replacement for HSBC’s chief executive, Stuart Gulliver, who plans to retire. The bank has shaken up its board in the past year, adding four new independent directors.
Mr. Tucker’s appointment came nearly a year after the lender announced that it had begun a search to replace Mr. Flint, who has been chairman since 2010. Mr. Flint, 61, arrived at HSBC in 1995 and joined the board later that year as group finance director.
“We are delighted that in Mark Tucker, we have secured someone who possesses the rare combination of experience demanded by the HSBC board,” Rachel Lomax, HSBC’s senior independent director, and Sam Laidlaw, chairman of the company’s nomination committee, said in a news release.
“He has a long track record of successful leadership of complex financial services businesses in both Asia and the U.K.”
As chairman, Mr. Tucker will receive an annual salary of 1.5 million pounds, or about $1.8 million. He will also receive a one-time relocation benefit of £300,000.
Mr. Tucker, 59, spent much of his career in the insurance industry, serving as the chief executive of the British insurer Prudential before he joined AIA in 2010, ahead of its initial public offering. He also spent a year as the group finance director of HBOS, a British bank that nearly collapsed during the financial crisis and is now part of Lloyds Banking Group.
Mr. Tucker has been a director of Goldman Sachs since 2012 and will leave the Goldman board when he joins HSBC as a director in September. He will take over the chairman’s role when Mr. Flint steps down the following month.
In their time together leading HSBC, Mr. Flint and Mr. Gulliver have overseen a period of great change for the bank, navigating a difficult business environment and greater scrutiny and capital demands by regulators after the financial crisis.
Mr. Gulliver, 58, joined the bank in 1980 and has been its chief executive since 2011.
In recent years, the bank has significantly reshaped its operations by shedding tens of thousands of jobs, selling underperforming businesses and shrinking its global investment banking business.
Last year, HSBC, which was founded in 1865 in Hong Kong as the Hongkong and Shanghai Banking Corporation, decided to keep its headquarters in Britain after a lengthy review. In announcing its decision last February, HSBC said that Asia remained “at the heart of the group’s strategy.”
HSBC has also undergone the expensive process of strengthening its financial-crime compliance after reaching a $1.9 billion settlement with the United States government in 2012.
American authorities had accused the bank of laundering money for drug cartels and transferring funds for Iran and other nations subject to United States sanctions.
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