HSBC appoints new CEO to replace retiring Stuart Gulliver
12 October 2017, 07:20 | Hattie Nash
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London-based HSBC on Thursday named John Flint, now head of its retail bank, as its new Chief executive, effective February 21.
Under the leadership of Douglas Flint and Mr. Gulliver, HSBC has undergone major changes, making efforts to navigate a hard business environment and the greater scrutiny and capital demands from regulators after the financial crisis. Flint now leads the company's retail banking and wealth management services. He has a great understanding and regard for HSBC's heritage, and the passion to build the bank for the next generation.
Tucker, who joined from insurer AIA, is the first outsider to be hired as chairman or chief executive at HSBC but one of his first acts as chairman was to appoint Flint, who has served his time with HSBC in both Europe and Asia, and in the bank's global banking and markets divisions, as well as its retail banking business.
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Tucker added: 'Stuart has led HSBC through a challenging and hard period with great energy and commitment and successfully reshaped the business strategy of the bank.
Flint spent his first 14 years with HSBC in Asia, establishing an investment bank in the region.
Flint will earn a base salary of £1.2 million ($1.58 million), a fixed pay allowance of £1,700,000 and a pension allowance of £360,000.
In July, HSBC announced its third share buyback in a year and rising profits, in a sign of its turnaround.
In August previous year HSBC abandoned a timetable for achieving that target, as increased regulatory requirements on capital, low interest rates and rising competition from low-cost competitors pressure lenders' profits worldwide. He moved back to London in 2004, and has represented HSBC in Hong Kong, Singapore, Indonesia, Thailand, India, Bahrain, and the U.S.
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