HSBC has just announced the official retirement of its chairman, Douglas Flint. The news follows an announcement made in March. Mr Flint will be succeeded by Mark Tucker, who will officially take over this weekend.
Douglas Flint has been with HSBC for over 20 years. He joined the company in 1995 as its finance director, a position that he occupied until 2010, when he briefly took over as CFO before becoming Chairman.
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Flint also served as Chairman of the Institute of International Finance between June 2012 and December 2016.
Mark Tucker will be the first head of HSBC brought from outside the company. His expertise in the Asian market is a crucial asset which led him to be picked for the position. He joins after having managed pan-Asian life insurance giant AIA Group for about seven years.
He joined the company from British life insurance giant Prudential, where he was CEO. Tucker spent over 20 years of his career at the company. He then proceeded to spearhead AIA Group’s IPO effort, which was the third largest in the world at the time.
Just as AIA was planning to get listed on the London Stock Exchange in April 2010, Prudential came in with an offer worth $35.5 billion. As the deal fell through, AIA held its IPO with a six month delay in Hong Kong, raising approximately HK$159.08 billion (US$20.51 billion).