LONDON – Europe’s biggest bank HSBC on Monday named Mark Tucker as the new group’s chairman.
He will take up the position when Douglas Flint steps down on October 1 this year.
The bank said in a statement that Tucker, who is the CEO and President of the insurer AIA, will also be tasked with finding a successor to replace HSBC CEO Stuart Gulliver by 2018.
At AIA, Tucker will be immediately replaced by AIA Regional CEO Ng Keng Hooi who becomes CEO-designee and will then formally succeed Tucker on September 1.
Who is Tucker?
Career history
Tucker, 59, started his career in 1985 when he qualified as an Associate of the Institute of Chartered Accountants in England and Wales (ACA).
From there, he worked his way up to become the CEO of insurer Prudential Corporation Asia Limited from 1994 to 2003. He was an executive director of Prudential from 1999 to 2003.
He left Prudential for one year - 2004 to 2005 - to be the group finance director at HBOS. However, in 2005 he returned to insurance giant Prudential to be the group CEO, filling the role until 2009.
From June 2009 to May 2012, he became a non-executive director of the Court of The Bank of England and also served as a member of its Financial Stability Committee and Audit and Risk Committee.
During this period Tucker joined insurer AIA as Chairman and CEO and "spearheaded AIA's record-breaking IPO on 29 October 2010," according to AIA. AIA, the Asian life insurance arm of AIG, raised over $17 billion listing in Hong Kong.
Since November 2012, Tucker has been an Independent Director of The Goldman Sachs Group, however, he will step down from this role when he takes on the HSBC job.
Other achievements
Tucker is an Associate Professor at the Chinese University of Hong Kong. He also serves on the Asia Business Council and the Advisory Board of the Asia Global Institute.
He is also a member of the International Advisory Boards of the Lingnan College, Sun Yat-Sen University in China and the Discovery Group of South Africa, as well as the Edinburgh Festival International.
The Daily Telegraph reports that Tucker was once a professional football player and was on several UK teams including the Wolverhampton Wanderers, Rochdale, and Barnet.