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HSBC Names New CEO

March 13, 2017

[Photo: Bloomberg News]


HSBC Holdings has named insurance executive Mark Tucker as Chairman of the bank. Tucker will succeed Douglas Flint, effective 10/1/17. Mr. Tucker, 59, is CEO of AIA Group and former head of Prudential. Flint, 61, will be stepping down after 6 years as Executive Chair and 21 years at the bank. Once installed, the bank will seek a successor to CEO Stuart Gulliver.


For the past several years, HSBC has been undergoing a reorganization that has seen the bank cut more than 87,000 jobs, exit more than 80 business lines, separate its retail bank from the investment bank in the U.K., and respond to the economic implications of Brexit. All the while, HSBC has continued its struggles to generate increasing profits, compliance with demanding regulation throughout the world – particularly as it pertains to AML.


MARK TUCKER.  Tucker played professional soccer in his early life but moved onto accounting at PricewaterhouseCoopers. He joined Prudential in 1986, initially working for Prudential Portfolio Managers. He progressed through various roles in the U.K., Hong Kong, and the U.S., where he was an SVP at Jackson National Life from 1992 to 1993. He was appointed CEO of Prudential Corporation Asia and an executive director of Prudential plc, but left the group in May 2004 to join HBOS as Finance Director.


Tucker rejoined Prudential in March 2005 as CEO, and served in that position until September 2009, when he stepped down for personal reasons.  Tucker joined AIA Group in July 2010 and, since October 2010, has served as Chairman and CEO of AIA Co. and AIA International. Tucker is also on the Board of Directors of Goldman Sachs.