Oct 12, 2017

HSBC picks insider John Flint as chief executive

HSBC has announced the appointment of John Flint as chief executive, sticking with the bank's tradition of promoting from within for the top job in a signal that its new chairman Mark Tucker will opt for more continuity than upheaval. Mr Flint, the 49-year-old head of HSBC's retail and wealth management arm, will take over from Stuart Gulliver, 58, after the bank's annual results on February 21. "Through the search process, John has developed with myself and the board a clear sense of the opportunities and priorities that lie ahead," said Mr Tucker, who was the first chairman to be hired from outside the bank when he joined from Asian insurer AIA. The seemingly swift and smooth succession process contrasts with the internecine feuding that broke out for weeks before the bank ended up choosing Mr Gulliver to replace Michael Geoghegan as chief executive in 2011. The incoming chief executive has spent his entire career at HSBC since joining the "International manager" training programme in 1989, including spells in its investment bank and a long stint in Asia, where the bank makes more than three-quarters of its profit. HSBC said Mr Flint - no relation to the bank's former chairman Douglas Flint - will be paid a base salary of £1.2m per year, with a "Fixed pay allowance" of £1.7m per year and a pension allowance of £360,000 per year.

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