Gulliver’s exit to test incoming HSBC chairman

Stuart Gulliver has told the HSBC board he will quit as chief executive next year, making the search for his successor a priority for Mark Tucker, who is set to leave Asian insurer AIA to become the bank's chairman. The planned appointment of Mr Tucker is expected to be announced before the Hong Kong market opens on Monday by HSBC, which first approached the 59-year-old chairman and chief executive of AIA around the start of the year. HSBC said: "At our AGM we said we aim to nominate the chairman successor during 2017. Our process remains on track and the timetable is unchanged." HSBC warned in its annual report that the monitor appointed by the DoJ had "Expressed significant concerns" about the pace of HSBC's attempts to clean up its act. HSBC shares have gained 50 per cent in the past year, but they are almost flat since Mr Flint and Mr Gulliver took charge just over six years ago.

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