HSBC names AIA’s CEO Tucker to succeed Flint

HSBC said it had named Mark Tucker – a well-known executive in the international insurance industry – a director and group chairman designate, to succeed its departing chairman, Douglas Flint. 

Tucker is currently chief executive of Hong Kong-based, Asia-focused insurer AIA, having joined it in July 2010, after which he led its successful IPO a few months later.

Tucker’s new role as director and group chairman designate will take effect on 1 September, and he will take over as non-executive chairman on 1 October, according to an HSBC statement.

At AIA, Tucker’s departure was described as an “intention to retire from his executive positions with the company and its subsidiaries” to “take up the role of non-executive group chairman of HSBC Holdings”. Ng Keng Hooi, AIA regional chief executive, is to succeed Tucker from 1 September, and until then will be group chief executive and oresident designate with immediate effect, AIA said.

Took over in 2010

Tucker’s time at AIA is widely viewed as having been a successful one. He took over after it fell on hard times after the global financial crisis, with the near-collapse of its then-parent, American International Group (AIG), which ultimately had to be bailed out by the US government.

Since then, Tucker has helped to make AIA the world’s largest independent, publicly-listed pan-Asian life insurance group. (It’s listed on the Hong Kong stock exchange.)

Before joining AIA, Tucker’s career was spent mainly with Prudential plc, where he had been the founder and chief executive of Prudential Corp Asia Limited (1994 to 2003), and he was on the Board of Prudential plc for 10 years, serving as its group Chief Executive from 2005 to 2009.

Tucker also served on the Court of The Bank of England from June 2009 to May 2012, where he was a member of both its Financial Stability and Audit and Risk committees.

Since 2012 to the present, he has been an independent non-executive director of the Goldman Sachs group.

He will stand down from that role before joining the board of HSBC, HSBC said.

ABOUT THE AUTHOR
Helen Burggraf
Helen Burggraf is the editor of International Investment. A US-trained journalist, she has worked in Rome, New York City and London, covering everything from the fashion and retailing industries to the global drinking water and water-treatment sector, private equity, and most recently, the international cross-border financial services/advice industry.

Read more from Helen Burggraf

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