HSBC names AIA’s Tucker as chairman in break with past | Reuters
By Sumeet Chatterjee and Lawrence White | HONG KONG/LONDON HONG KONG/LONDON HSBC (HSBA.L) broke with tradition by choosing outsider Mark Tucker to replace Douglas Flint as chairman later this year, handing the AIA Group (1299.HK) boss the task of selecting a new chief executive for Europe's biggest bank in 2018.A one-time professional footballer and insurance industry veteran who once led Britain's Prudential (PRU.L), Tucker will take over as the bank's first-ever external chairman on Oct. 1.HSBC shares were 0.9 percent higher on Monday by 1150 GMT on news of Tucker's appointment, as investors welcomed the choice of the Asia veteran as a signal it could intensify its shift towards the region and lower-risk income streams."As a top five long term shareholder, we have been involved in the process and are pleased to see a highly regarded and fresh independent chair for HSBC," said Sacha Sadan, director of corporate governance at Legal & General Investment Management.Flint's departure will end one of the longest-serving management partnerships at a major global bank, as HSBC Chief Executive Stuart Gulliver is also due to leave in 2018.
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