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HSBC confirms the appointment of former boss Prudential, Mark Tucker as its chairman from October 1

Tucker, who is currently group chief executive and president of Hong Kong-listed insurer AIA Group Limited (AIA) will join the global banking giant as group chairman designate from September 1, taking over from current incumbent Douglas Flint a month later.
HSBC bank sign
As previously indicated, the incoming chairman will take over the responsibility for leading the process of identifying a successor HSBC’s current group CEO

HSBC Holdings PLC (LON:HSBA) has confirmed the appointment of Mark Tucker, the former boss of insurer Prudential PLC (LON:PRU) as its new non-executive chairman from October 1.

Tucker, who is currently group chief executive and president of Hong Kong-listed insurer AIA Group Limited (AIA) will join the global banking giant as group chairman designate from September 1, taking over from current incumbent Douglas Flint a month later.

As previously indicated, the incoming chairman will take over the responsibility for leading the process of identifying a successor HSBC’s current group CEO, Stuart Gulliver who is expected to retire during 2018.

In a statement from the FTSE 100-listed lender, Tucker said: "I have long had enormous admiration for HSBC with its unrivalled network, exceptional brand and leading position supporting global business and trade. “

Tucker joined AIA in July 2010, and led its successful IPO in October 2010 after the business was spun out of US insurance giant American International Group Inc (NYSE:AIG), with the firm becoming the world's largest independent publicly-listed pan-Asian life insurance group.

Before joining AIA, Tucker was Prudential’s group chief executive from 2005 to 2009, having previously been the founder and chief executive of Prudential’s Asian operations.

On the banking front, Tucker was finance director of HBOS for two years from until 2005, has sat on the equivalent of the board of the Bank of England, and has been a member of the board of Goldman Sachs Group Inc (NYSE:GS), a role he will relinquish, since 2012.

Fits the bill ...

In early morning trading, HSBC shares were up 0.8%, or 5.5p at 672.2p.

In a note to clients, Shore Capital analyst Gary Greenwood said: “The appointment of Mr Tucker fits the bill in terms of bringing someone in with plenty of Asian experience and also a high profile in London. 

“It is also good to see an external appointment who may bring a fresh perspective, after a history of promoting from within.”

However, the analyst reiterated a ‘sell’ rating on HSBC shares, adding: “While we welcome this appointment, we remain negative on HSBC’s shares which continue to trade at a premium to our current fair value estimate of 575p”.

 -- Adds share price, broker comment --

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