Business World

Wednesday 26 July 2017

Mark Tucker to replace Douglas Flint as new HSBC chairman

HSBC has named the head of Asian life insurer AIA Group as its new chairman, turning to an outsider for a job it has traditionally filled from within its own ranks.

The bank said Mark Tucker will replace Douglas Flint, who has been chairman since 2010.

HSBC is Europe's biggest bank but earns most of its income from Asia. The bank, which last month reported annual profit slumped by four-fifths, is revamping its business as it seeks to improve profitability.

Mr Tucker's first task will be to lead the search for a successor to HSBC's CEO Stuart Gulliver, who plans to retire by 2018.

The bank said Mr Tucker, 59, will take over the reins in October with a £1.5m salary.

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