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HSBC names AIA's Mark Tucker as new chairman

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By Euronews
HSBC names AIA's Mark Tucker as new chairman

Changes at the top for Europe’s biggest bank – HSBC.

One-time professional footballer and insurance industry veteran Mark Tucker is to take over as chairman at the start of October, replacing Douglas Flint.

Tucker is currently the boss of Asian-based insurer AIA and the former head of British international financial services group Prudential.

It is the first time HSBC has hired an outsider as chairman in its entire 152-year history.

Asia focus and problems

HSBC shares rose on news of Tucker’s appointment as investors welcomed the choice of the Asia veteran as a signal it could intensify its shift towards the region.

Tucker’s main challenge will be to oversee a return to profit growth at HSBC in the face of low demand for loans in its twin home markets of Britain and Hong Kong as well as slowing growth in China.

The new chairman will also have to find a successor to HSBC’s Chief Executive Stuart Gulliver who is due to leave next year.

Gulliver, in common with many global bank CEOs, has not clearly nurtured an obvious successor-in-waiting within the company’s senior management ranks. That leaves the door open to a number of his lieutenants or an outside candidate.