Experienced Asia hand Mark Tucker is to take over as chairman of HSBC at the start of October replacing Douglas Flint.
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.
#HSBC announces its appointment of Mark Tucker to succeed Douglas Flint as Group Chairman https://t.co/rGT5oGtfjCpic.twitter.com/lOsWMRFlN6— HSBC (@HSBC) March 13, 2017
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.
Analysts today are highlighting soon-to-be HSBC chairman Mark Tucker's “track record” – he's done right by AIA shareholders
sjhmorris</a> <a href="https://t.co/VkewUhp48L">pic.twitter.com/VkewUhp48L</a></p>— Darren Boey (darrenboey) March 13, 2017
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.
Why HSBC has got Mr. Right with Mark Tucker as its new chairman https://t.co/IgAkuamMkv via
Bfly</a> <a href="https://t.co/fajPFYm4o5">pic.twitter.com/fajPFYm4o5</a></p>— Bloomberg (business) March 13, 2017