HSBC Holdings has appointed insurance veteran Mark Tucker as chairman, replacing Douglas Flint, who is stepping down. Tucker at present heads AIA Group. He has held several leadership jobs, including heading Prudential. He will take over as group chairman designate from 1 September and as non-executive group chairman on 1 October. Among the first tasks for Tucker – whose appointment breaks with HSBC’s usual practice of appointing insiders for its top jobs – will be to identify a successor to HSBC chief executive Stuart Gulliver, a process expected to conclude in 2018. Flint and Gulliver’s departure from HSBC after six years will end one of the longest-serving management partnerships at a major global bank. Tucker will receive an annual fee of 1.5 million pounds in addition to standard benefits. At AIA, his basic salary in2015 was $1.5 million, but short-term and long-term incentives could bring that total as high as $9.9 million.
