British banking giant HSBC on Thursday said it had chosen John Flint, its head of retail banking and wealth management, to succeed Stuart Gulliver as chief executive, who is retiring.
Flint, who now runs HSBC's retail and wealth management business, will start in his new role on Feb 21 2018, taking over from current chief executive Stuart Gulliver, who is retiring after seven years in the job.
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 will take over the role on February 21 next year, when Gulliver retires. Flint joined HSBC in 1989 and spent the first 14 years with the bank working in Asia. Flint will be owner of a pension allowance of £360 million in new office, as well as a net base salary of £$1.2 and £1.7 million in fixed allowance.
He will also be entitled to an annual bonus worth up to 215 percent of his base pay and a long-term incentive award of up to 320 pct of his base pay.
But the bank still faces a tough challenge to meet its long term goal of making a better than 10 percent return on equity. Gulliver's legacy in six years on the job is of cleaning up and tightening controls after HSBC was ensnared in a series of scandals, including laundering for drug cartels.
"Stuart has led HSBC through a challenging and hard period with great energy and commitment and successfully reshaped the business strategy of the bank", Tucker said of Gulliver on Thursday.
It has also lost market share in its Asian life insurance business, a trend which analysts expect the bank's new chairman to attempt to reverse given his background in the industry. He moved back to London in 2004, and has represented HSBC in Hong Kong, Singapore, Indonesia, Thailand, India, Bahrain, and the U.S.
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