A new era will soon begin at HSBC (HSBA). From October, Mark Tucker - currently chief executive at Asian life assurer AIA Group - will take over the reins as chairman of the banking group. He will replace Douglas Flint, who has been in the role since 2010 and was finance director for the previous 15 years.
The appointment of Mr Tucker was met with a positive reaction from the market, with shares pushing higher on the day of the announcement. A large part of the reason for this is likely his experience operating across Asian markets, where HSBC has focused its investment since 2015. HSBC's Asian businesses generated a total of $13.8bn (£11.3bn) in pre-tax profits last year, offset by weaker returns in Europe and North America.
"One of our main concerns about the group has been how such a massive, complicated financial organisation with a long-established culture could be re-energised," said Cenkos analyst Sandy Chen. Similar questions were asked when Mr Tucker took over at Prudential (PRU) and AIA, he said. One of Mr Tucker's most pressing tasks once he steps into the role will be finding a replacement for chief executive Stuart Gulliver, who intends to retire next year.
