HSBC taps an outsider for its top job, appointing insurance veteran and AIA Group boss Mark Tucker as chairman to replace Douglas Flint. Samantha Vadas reports.
Europe's biggest bank breaking with tradition on Monday (March 13). HSBC tapping an outsider for its top job, appointing Asian Insurance company AIA group boss Mark Tucker as chairman. He'll replace Douglas Flint who said last year he planned to step down in 2017. The one-time professional footballer will take over the role in October and will be put to the test from the get go. One of his first major tasks i finding a new CEO to replace Stuart Gulliver. Flint and Gulliver's retirement wraps up one of the longest serving management partnerships at HSBC. Together they reshaped the group during tough times for global banks, slashing more than 43,000 jobs and selling assets worldwide to bring the business back on track. Whoever ends up as Chief Executive has a major challenge ahead of them - boosting profits against the backdrop of low interest rates and falling demand for loans in HSBC's twin home markets of Britain and Hong Kong.