HSBC chairman Mark Tucker to return to AIA; interim replacement is Brendan Nelson
HSBC Holdings chairman Mark Tucker will return to insurer AIA Group on October 1 and be replaced on an interim basis by veteran accountant Brendan Nelson, the two companies said on Friday.
In early May, Tucker, who will turn 68 in December, said he would retire from HSBC by the end of the year. He will become AIA's non-executive chairman on October 1, returning to a company that he led as CEO and president between 2010 and 2017. His last day at HSBC will be September 30.
At AIA, Tucker will replace Edmund Tse Sze-wing, 87, a six-decade veteran of the largest insurer in the Asia-Pacific region. Tse will assume the title of chairman emeritus.
Tse said Tucker's time at AIA was 'substantial and enduring', referring to his effort to list the insurer in Hong Kong. AIA went public in October 2010 and raised HK$159 billion (US$20.3 billion), which is the largest initial public offering in the city's history.
'I am deeply honoured and excited to be taking on the role of independent chairman of one of the world's largest insurance companies,' Tucker said. 'AIA plays a critical role in protecting the financial well-being of millions of families across Asia, enabling them to live healthier, longer, better lives.'
AIA shares rose 3.3 per cent on Friday morning after Tucker's appointment was unveiled, before ending the morning session 1.8 per cent higher at HK$68.05. HSBC shares dropped 0.2 per cent to HK$92.85 at the lunch break.
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