HSBC names Mark Tucker of AIA as new chairman
HSBC Holdings Plc named insurance executive Mark Tucker to succeed Douglas Flint as chairman, enlisting an outsider to oversee Europe’s biggest bank as it overhauls management.
Tucker, 59, chief executive officer of AIA Group Ltd. and former head of Prudential Plc, will take the post Oct. 1, the bank said in a statement Monday. AIA Regional CEO Ng Keng Hooi will immediately become CEO-designee and formally succeed Tucker on Sept. 1.
Tucker’s major task will be to find a successor to CEO Stuart Gulliver, who has led the Londonbased bank for more than six years. A replacement is expected to be announced during 2018, in order to meet Gulliver’s stated desire to retire in that time frame, HSBC said in the statement.
HSBC, one of the world’s largest lenders with about 235,000 employees in about 70 countries, is restructuring to adapt to tougher regulations, a law requiring the separation of its retail operations from the investment bank in the UK and amid a legacy of failed compliance and misconduct.
In Tucker, HSBC will add an executive with more than two decades of Asia experience to help the lender in its so-called pivot toward the region.
Tucker was CEO of Prudential Corporation Asia from 1994 to 2003 and took over AIA in 2010 prior to its listing in October that year, according to a biography from the Hong Kong- based insurer.
“He’s clearly done a good job at AIA,” said Hugh Young, Asia managing director at Aberdeen Asset Management Plc, which holds HSBC and AIA shares. “Let’s see how it pans out but I think it could be an inspired appointment.”
Tucker played professional soccer in his early life and was on several UK teams including the Wolverhampton Wanderers, Rochdale and Barnet, according to reports from the Daily Telegraph. He switched to finance after attending the University of Leeds. He was finance director at HBOS Plc, as well as his leadership jobs at Prudential and AIA.
Tucker is also on the board of New York-based Goldman Sachs Group Inc. He will step down from Goldman before taking up his role at HSBC.
HSBC has revamped its board after coming under pressure from shareholders unhappy about declining profitability. The bank added Axa SA CEO Henri de Castries and former leader of Diageo Plc Paul Walsh as independent non- executive directors in November.
The board’s senior independent director Rachel Lomax ran the search for the new chairman, which the bank has said would be an external hire and take a nonexecutive role.
Scotland-born Flint, 61, joined HSBC in 1995, becoming finance director that year before being named executive chairman in 2010.
Oxford-educated Gulliver, 57, started at the bank in 1980 and excelled as a trader, rising through the ranks to become CEO in 2011. Bloomberg