HSBC Holdings said John Flint, who has run its retail and wealth management business for nearly five years, will replace Stuart Gulliver as chief executive in February. He's been treasurer, deputy head of markets, chief of staff and head of strategy.
Flint will form a new partnership at the top of HSBC with the bank's new chairman Mark Tucker, who assumed his role on October 1. "He has a great understanding and regard for HSBC's heritage, and the passion to build the bank for the next generation".
Tucker took over as chairman at the beginning of this month, succeeding Douglas Flint (no relation to John Flint). John Flint, 49, and other internal candidates had sought to persuade Tucker, the 59-year-old former CEO of Hong Kong-based insurer AIA Group Ltd., that the recent stock rally and signs of revived revenue growth justified maintaining continuity with the current management team and its three-year-old strategy.
Flint joined the bank in October 1989 and has worked in Hong Kong, Singapore, Indonesia, Thailand, India, Bahrain, the U.S. and the UK. It seasons promising young executives with global postings that often turn into lengthy, civil-service type tenures, such as Flint's own.
Gulliver had already announced his intention to step down during 2018, and Flint was widely tipped to be his replacement.
He acknowledged he needs to build on Gulliver's attempt to simplify the bank and improve its profitability.
The Sunday Times reported at the weekend that the HSBC had asked the Bank of England for permission to install Mr Flint as its new chief.