HSBC’s Mark Tucker moves to Hong Kong insurer AIA as chairman

MARK Tucker, HSBC’s former Asia chairman, has been appointed to the same role at Hong Kong-based insurance company AIA Group, the two companies said in separate statements on Friday.

Tucker, who previously served as AIA’s chief executive and president from 2010 to 2017, will replace Edmund Sze-Wing Tse as chairman.

The former insurance executive oversaw a major overhaul at HSBC, during which the bank scaled back operations in Western markets such as the United States, Canada, and France, as part of a broader strategic pivot toward Asia.

Earlier on Friday, HSBC named Brendan Nelson, chair of its group audit committee, as interim chairman. The bank had announced on May 1 that Tucker would step down by the end of the year.

Tucker will resign as chairman and board member from HSBC on Sept 30.

“The process to select the permanent HSBC group chair, led by Ann Godbehere, senior independent director, is ongoing,” the banking giant said in a statement.

“Brendan’s extensive experience on UK-listed boards, and as Group Audit Chair, makes him ideally placed to assume the role on an interim basis while the process continues,” said Godbehere.

HSBC is expected to search for Tucker’s successor from its current board, sources familiar with the bank’s plans told Reuters. Among the leading candidates is former Citigroup President Jamie Forese, the sources said.

Nelson has previously served as an independent non-executive director at several major UK-listed companies, including oil giant BP and financial services firm NatWest. REUTERS