Latest news with #BrendanNelson
Free Malaysia Today
4 days ago
- Business
- Free Malaysia Today
HSBC chair Tucker to return to Asia insurer AIA after overseeing bank overhaul
Mark Tucker served as AIA's chief executive and president between 2010 and 2017. (EPA Images pic) HONG KONG : HSBC Holdings' high-profile chairman Mark Tucker will return to the insurance sector as chair of Hong Kong-based AIA Group, after having presided over top management changes and navigated Sino-US tensions at the Asia-focused lender. Tucker will depart HSBC by Sept 30 and will step into the role of AIA chairman on Oct 1, the two companies said in separate statements today. Tucker served as AIA chief executive and president between 2010 and 2017. Brendan Nelson, a former KPMG partner and board member who is the chair of HSBC's group audit committee, would become interim chairman from Oct 1, as the bank continues with its search for a permanent replacement, it said. Tucker's departure from HSBC, which generates the bulk of its revenues and profits in Asia, will cap an eventful eight-year tenure at the lender, during which he oversaw a sweeping restructuring and shrinking of the bank. Under Tucker's stewardship, HSBC has had to deal with a constant drumbeat of geopolitical tensions, as Britain, together with the US, clashed with China, where the bank has its second home and major profit engine in the financial hub of Hong Kong. Those experiences, as well as his deep Asia and insurance sector expertise, will stand him in good stead in the new role at AIA, as the pan-Asian insurer looks to bolster market share in the key markets of mainland China and Hong Kong. Tucker will replace Edmund Sze-Wing Tse as AIA's chairman. Shares in AIA were up 1.8%, while Hong Kong shares of HSBC were down 0.3%. Hong Kong's benchmark index was off 0.2%. Besides mainland China and Hong Kong, AIA's 18 markets in Asia include Thailand, Singapore, Malaysia, Australia, Indonesia, New Zealand, the Philippines and South Korea. It also has a joint venture in India. A one-time professional soccer player, Tucker, who took AIA public shortly after his appointment in 2010, has previously held several leadership jobs in the insurance sector, including at Britain's Prudential. Asia pivot Tucker's departure from HSBC was not a surprise. He was nearing the end of the nine-year maximum advised for chair roles under Britain's corporate governance code, and the bank announced on May 1 that he would step down before the end of the year. Since joining HSBC in 2017, becoming the bank's first-ever externally recruited chairman, British-born Tucker worked with four different CEOs, and he was involved in the selection of three of them. Tucker was seen by investors, analysts and insiders as a key person at the bank to help it navigate geopolitical tensions and expand its business in China as part of its Asia pivot to boost growth. Geopolitical tensions came to a head for HSBC in May 2023 when its then-biggest shareholder, Ping An Insurance of China, lobbied for the bank to spin off its Asian business, a proposal ultimately defeated at HSBC's annual shareholder meeting. HSBC's senior independent director Ann Godbehere said the selection process to appoint a permanent chairman was underway. Tucker will serve as a strategic adviser to CEO Georges Elhedery and the board while the recruitment search remains in place. '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,' Godbehere said of Nelson. He previously served as an independent non-executive director at several major UK-listed companies, including oil giant BP and financial services firm NatWest. HSBC is expected to search for Tucker's successor from its current board, sources familiar with the bank's plans told Reuters. 'Among the leading candidates is former Citigroup president Jamie Forese,' the sources said.
The Independent
4 days ago
- Business
- The Independent
HSBC's Sir Mark Tucker to leave in September for return to insurer AIA
Banking giant HSBC's outgoing chairman Sir Mark Tucker will step down at the end of September to take up the same post at Hong Kong-based insurer AIA, the bank has announced. It was announced last month that Sir Mark would retire by the end of 2025, ending an eight-year tenure at the helm of the bank's board. His departure date comes after AIA confirmed his appointment as non-executive chairman on October 1 – a move that sees him return to the group he led as chief executive for seven years until 2017. HSBC is still searching for his permanent replacement, but Brendan Nelson, head of the group's audit committee, will take on the role on an interim basis. Sir Mark will remain as a strategic adviser to the group's chief executive Georges Elhedery and the board as the hunt for his successor continues. Ann Godbehere, senior independent director who is leading the search, said the bank was 'making progress' on the succession process. On his appointment at AIA, Sir Mark said: 'I am deeply honoured and excited to be taking on the role of independent chairman of one of the world's largest insurance companies. 'AIA plays a critical role in protecting the financial wellbeing of millions of families across Asia.' At the insurer, he replaces Edmund Sze-Wing Tse, who retires after a career spanning more than six decades with the business. Sir Mark Tucker took on the role of chairman at HSBC in October 2017 and has been at the helm of one of the world's biggest banks during crises including the Covid pandemic, the rising cost of living, and growing tensions between the US and China. Under the leadership of Mr Elhedery, the bank is undergoing a major overhaul as it seeks to slash costs by 1.5 billion US dollars (£1.1 billion) by the end of 2026. HSBC has also faced mounting pressure from one of its biggest shareholders, Chinese insurer Ping An, in recent years to split the bank in two and create a separate Asia-headquartered business. A plan to break up the bank was rejected by shareholders last year, but the restructuring announcement initially prompted some speculation that it could eventually fracture. Sir Mark said on announcing plans to leave last month that it had been a 'great honour and privilege to lead HSBC as chair'.
Yahoo
4 days ago
- Business
- Yahoo
HSBC's Sir Mark Tucker to leave in September for return to insurer AIA
Banking giant HSBC's outgoing chairman Sir Mark Tucker will step down at the end of September to take up the same post at Hong Kong-based insurer AIA, the bank has announced. It was announced last month that Sir Mark would retire by the end of 2025, ending an eight-year tenure at the helm of the bank's board. His departure date comes after AIA confirmed his appointment as non-executive chairman on October 1 – a move that sees him return to the group he led as chief executive for seven years until 2017. HSBC is still searching for his permanent replacement, but Brendan Nelson, head of the group's audit committee, will take on the role on an interim basis. Sir Mark will remain as a strategic adviser to the group's chief executive Georges Elhedery and the board as the hunt for his successor continues. Ann Godbehere, senior independent director who is leading the search, said the bank was 'making progress' on the succession process. On his appointment at AIA, Sir Mark said: 'I am deeply honoured and excited to be taking on the role of independent chairman of one of the world's largest insurance companies. 'AIA plays a critical role in protecting the financial wellbeing of millions of families across Asia.' At the insurer, he replaces Edmund Sze-Wing Tse, who retires after a career spanning more than six decades with the business. Sir Mark Tucker took on the role of chairman at HSBC in October 2017 and has been at the helm of one of the world's biggest banks during crises including the Covid pandemic, the rising cost of living, and growing tensions between the US and China. Under the leadership of Mr Elhedery, the bank is undergoing a major overhaul as it seeks to slash costs by 1.5 billion US dollars (£1.1 billion) by the end of 2026. HSBC has also faced mounting pressure from one of its biggest shareholders, Chinese insurer Ping An, in recent years to split the bank in two and create a separate Asia-headquartered business. A plan to break up the bank was rejected by shareholders last year, but the restructuring announcement initially prompted some speculation that it could eventually fracture. Sir Mark said on announcing plans to leave last month that it had been a 'great honour and privilege to lead HSBC as chair'. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
South China Morning Post
4 days ago
- Business
- South China Morning Post
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.
CNA
4 days ago
- Business
- CNA
HSBC's Mark Tucker moves to Hong Kong insurer AIA as chairman
Mark Tucker, HSBC's former Asia chairman, has been appointed to the same role at Hong Kong-based insurance company AIA Group, the two companies said in separate statements on Friday. Tucker, who previously served as AIA's chief executive and president from 2010 to 2017, will replace Edmund Sze-Wing Tse as chairman. The former insurance executive oversaw a major overhaul at HSBC, during which the bank scaled back operations in Western markets such as the United States, Canada, and France, as part of a broader strategic pivot toward Asia. Earlier on Friday, HSBC named Brendan Nelson, chair of its group audit committee, as interim chairman. The bank had announced on May 1 that Tucker would step down by the end of the year. Tucker will resign as chairman and board member from HSBC on September 30. "The process to select the permanent HSBC group chair, led by Ann Godbehere, senior independent director, is ongoing," the banking giant said in a statement. "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," said Godbehere. HSBC is expected to search for Tucker's successor from its current board, sources familiar with the bank's plans told Reuters. Among the leading candidates is former Citigroup President Jamie Forese, the sources said. Nelson has previously served as an independent non-executive director at several major UK-listed companies, including oil giant BP and financial services firm NatWest.
