HSBC appoints AIA CEO Mark Tucker as new chairman

HSBC has appointed AIA Group chief executive Mark Tucker (pictured) as its next chairman, replacing Douglas Flint. It's the first time the bank has hired an outsider for the role in its 152-year history.

Tucker will become the non-executive chairman at the Hong Kong and London-listed banking giant in October, replacing outgoing HSBC veteran Douglas Flint. He will become the bank's group chairman from 1 September and will relocate from Hong Kong to London for the role.

Flint’s departure is the first step in refreshing the bank’s leadership team and setting out its next set of goals. Tucker would take over responsibility for identifying a successor to HSBC chief executive Stuart Gulliver, a process expected to conclude in 2018, the bank said in a statement.

Historically, HSBC has always named insiders as chairman, but this time, it said it would bring in an outsider to comply with UK’s corporate governance recommendations.

"While I am sad to be leaving AIA, I am looking forward to new challenges," said Tucker.

"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."

Meanwhile, Ng Keng Hooi, AIA regional chief executive, has been appointed group chief executive and president designate with immediate effect. He will succeed Tucker as group chief executive and president with effect from 1 September.