HSBC names John Flint as chief ex­ec­u­tive

The Scotsman - - Business - By EMMA NEWLANDS sreid@scots­

HSBC has ap­pointed John Flint as chief ex­ec­u­tive, re­plac­ing the long-stand­ing Stu­art Gul­liver.

Flint, who cur­rently heads up re­tail bank­ing and wealth man­age­ment at the lender, will take up the role on 21 Fe­bru­ary. His ap­point­ment will see Gul­liver end a seven-year stint at the bank­ing giant when he re­tires.

Chair­man Mark Tucker, who re­cently took over from Scot Dou­glas Flint, led the search for a new chief ex­ec­u­tive. Tucker said: “John has broad and deep bank­ing ex­pe­ri­ence across re­gions, busi­nesses and func­tions.

“He has a great un­der­stand­ing and re­gard for HSBC’S her­itage, and the pas­sion to build the bank for the next gen­er­a­tion. Through the search process, John has de­vel­oped with my­self and the board a clear sense of the op­por­tu­ni­ties and pri­or­i­ties that lie ahead.”

Flint said he is “hum­bled by the re­spon­si­bil­ity” and ex­cited by the op­por­tu­nity to head HSBC.

Un­der Gul­liver’s ten­ure, the bank has grap­pled with a se­ries of mis­con­duct is­sues and has paid bil­lions in fines, for mat­ters such as links to Mex­i­can drugs car­tels.

How­ever, the bank chose to fo­cus on Gul­liver’s work in pre­vent­ing fi­nan­cial crime and its div­i­dend per­for­mance.

Tucker added: “Stu­art has led HSBC through a chal­leng­ing and dif­fi­cult pe­riod… and suc­cess­fully re­shaped the busi­ness strat­egy of the bank. Since Jan­uary 2011 [it] has paid $60.7 bil­lion in div­i­dends, an­nounced an ad­di­tional $5.5bn of share buy­backs, and de­liv­ered a to­tal share­holder re­turn of 66.8 per cent.” 0 Flint takes the CEO reins af­ter join­ing HSBC in 1989

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