HSBC appoints Mark Tucker to succeed Douglas Flint as Group Chairman

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The FINANCIAL — HSBC Holdings plc announces the appointment of Mark Tucker as a director and Group Chairman Designate from 1 September 2017. Mr. Tucker will take over as non-executive Group Chairman on 1 October.

Mr Tucker is currently Group Chief Executive and President of AIA Group Limited (AIA). He joined AIA in July 2010, and led its successful IPO in October 2010. Since then, it has become the world’s largest independent publicly-listed pan-Asian life insurance group. Before joining AIA, Tucker’s career was primarily with Prudential plc. He was the founder and Chief Executive of Prudential Corporation Asia Limited (1994 to 2003) and was on the Board of Prudential plc for 10 years, serving as its Group Chief Executive from 2005 to 2009, according to HSBC.

As a non-executive director, Mr Tucker served on the Court of The Bank of England from June 2009 to May 2012, where he was a member of both its Financial Stability and Audit and Risk Committees. Since 2012 to the present, he has been an independent non-executive director of the Goldman Sachs group. He will stand down from that role before joining the Board of HSBC.

Rachel Lomax, HSBC senior independent director, who led the appointment process along with Sam Laidlaw, chairman of the Nomination Committee, said: “We are delighted that in Mark Tucker we have secured someone who possesses the rare combination of experience demanded by the HSBC Board. He has a long track record of successful leadership of complex financial services businesses in both Asia and the UK. As CEO of two major financial services groups and through his non-executive roles at the Bank of England and Goldman Sachs, he also has extensive experience and understanding of the regulatory frameworks within which international financial services groups such as HSBC now operate.

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“The Board would like to express its warm appreciation of the dedicated service that Douglas Flint has given to HSBC over a long and distinguished career. Douglas has skilfully led HSBC through the turbulent times of the financial crisis and its aftermath. As an industry leader, he has played a key role in contributing to the development of the post-crisis regulatory framework.”

Welcoming the appointment, Douglas Flint said: “I wish Mark Tucker all the very best as he succeeds me to take on the best job in banking. It has been an extraordinary privilege to serve both as Group Finance Director and Group Chairman of HSBC over nearly 22 years. Over that time the Group has dealt with considerable challenges as well as successfully pursued opportunities which have positioned the Group extremely well for the future.”

Mark Tucker said: “I am honoured and excited to be taking on the role of Group Chairman of one of the world’s largest and most prestigious banking and financial services organisations. I have long had enormous admiration for HSBC with its unrivalled network, exceptional brand and leading position supporting global business and trade. I am very much looking forward to working with the Board, the executive team and my colleagues around the world to continue the Group’s success through effectively serving its customers and the communities in which it operates.”

As previously indicated, Mr. Tucker as the incoming Group Chairman, will take over the responsibility for leading the process of identifying a successor to the current Group CEO, Stuart Gulliver. This process is expected to conclude during 2018 in order to meet Stuart Gulliver’s expressed desire to retire in that timeframe.

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