HSBC's Mark Tucker to Rejoin AIA as Chairman

HSBC's Mark Tucker to Rejoin AIA as Chairman

London-based HSBC's chairman has decided to move from banking back to insurance by rejoining Hong Kong-headquartered AIA later this year. Meanwhile, an interim chair has been named at the British lender.

AIA has appointed Mark Tucker as independent non-executive chairman and independent non-executive director, according to a statement, effective October 1 and subject to regulatory approval. He has also been named as chairman of the nomination committee and member of the remuneration committee. He succeeds Edmund Sze-Wing Tse who has informed the board of his intention to retire from his positions on September 30.

Tucker has 40 years of experience in financial services across Asia, US, UK and Africa. He is currently non-executive group chairman of HSBC and will complete his tenure in the role on September 30. He rejoins AIA after previously working at the insurer as group CEO and president between 2010 and 2017.

«Sir Mark worked closely with Edmund in leading the Company through its initial public offering during which he laid the foundations for AIA as a world leading independent listed group,» said Lee Yuan Siong, AIA group chief executive and president. «Sir Mark’s very strong international reputation has only grown in the intervening years, and we look forward to benefiting from his deep experience in financial services and his passion for Asia as he leads our Board forward.»

Interim Replacement

In a separate statement, HSBC acknowledged the AIA appointment and named Brendan Nelson, independent non-executive director and group audit committee chair, as interim group chair, subject to regulatory approval, upon Tucker’s retirement. As previously announced, Tucker will remain as a strategic adviser to HSBC's group CEO and board while the process to identify his permanent successor continues.

«The Nomination and Corporate Governance Committee continues to make progress on the succession process for the next HSBC Group Chair. Our focus is on securing the best candidate to lead the Board and wider Group over the next phase of our growth and development,» commented Ann Godbehere, senior independent director, who leads the process.

«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.»