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Reuters
5 hours ago
- Business
- Reuters
Breakingviews - HSBC chair's AIA move less startling than it seems
MELBOURNE, June 6 (Reuters Breakingviews) - Never get back together with your ex, they say. Departing HSBC (HSBA.L), opens new tab, ( opens new tab Chair Mark Tucker is ignoring such advice. He's returning to AIA ( opens new tab, where he served as CEO from 2010 to 2017 before joining the UK bank, as head of its board, the $91 billion Hong Kong-based insurer said on Friday, opens new tab. It seems like a backward step. But it's not as startling as it looks. It's not the cleanest of appointments from a governance perspective: elevating a former boss to be chair is generally frowned upon outside of the U.S., where the practice remains common, as it raises concerns the old CEO might try to exert undue control. Tucker should be deemed as independent under Hong Kong Stock Exchange criteria, which encourages a two-year gap since holding an executive role. He has been gone for eight years, and current Lee Yuan Siong, CEO since 2020, joined after his departure. That said, AIA will want Tucker atop the board in part because of the reputation he built at the UK bank for being a hands-on chair willing to shake things up. It won't be lost on Lee for example, that HSBC had four CEOs during Tucker's eight-year tenure. AIA's earnings have grown slightly over the past five years, but its stock is essentially flat over that period - and rival Prudential (PRU.L), opens new tab has been closing the valuation gap. Tucker's soon-to-be fellow board members might not be able to rest easy, either: half of the 10 independent directors have been there for more than a decade, making the staid roster ripe for change. What's more curious is why Tucker wants to go back. AIA, while no minnow, is smaller than the $206 billion bank he currently sits atop by earnings, market value, geographic scope and diversity of businesses. That could have served, for example, as a springboard to another global institution, including U.S.-based ones - Tucker at present lives in New York. But being AIA chair is an appealing role for someone with his experience of and interest in China. Tucker has focused on the region for much of his career, having run the UK's Hong Kong and China-heavy Prudential before becoming AIA's CEO. During his tenure at HSBC, the bank built up substantial operations in the mainland, and Hong Kong is its largest profit centre with around a third of pretax earnings. In January he led the business delegation that accompanied UK Chancellor Rachel Reeves on the government's most important trip to the People's Republic since 2018. If the stars align, his new role at his old flame could make for a productive relationship. Follow Antony Currie on Bluesky, opens new tab and LinkedIn, opens new tab.
Daily Mail
4 days ago
- Business
- Daily Mail
Candidate emerges as HSBC hunts for new chairman
A former McKinsey boss turned Goldman Sachs banker has been tipped to replace Mark Tucker as chairman of HSBC. City sources told the Mail that Scottish-born Kevin Sneader has been approached about taking Tucker's job when he leaves in September to become chairman of Hong Kong-based insurer AIA. Sneader, 59, left his job as boss of management consultant giant McKinsey in 2021 following a string of crises. He is now president of Asia-Pacific at Goldman Sachs. It was announced last month that Tucker, 67, would retire by the end of 2025, ending an eight-year tenure at the helm of the bank's board. AIA confirmed he would start his role 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.
Straits Times
4 days ago
- Business
- Straits Times
HSBC chair Mark Tucker to return to Asia insurer AIA after overseeing bank overhaul
HSBC chairman Mark Tucker will depart HSBC by Sept 30 and will step into the role of AIA chairman on Oct 1. PHOTO: REUTERS 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. Mr 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 on June 6. Mr Tucker served as AIA chief executive and president between 2010 and 2017. Mr 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. Mr 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 Mr 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. Mr Tucker will replace Mr Edmund Sze-Wing Tse as AIA's chairman. Shares in AIA were up 1.8 per cent, while Hong Kong shares of HSBC were down 0.3 per cent. Hong Kong's benchmark index was off 0.2 per cent. 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, Mr 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. His 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. Mr 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. Mr 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,' Ms Godbehere said of Mr 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 Mr 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. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
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.
Business Times
4 days ago
- Business
- Business Times
HSBC chair Tucker to return to Asia insurer AIA after overseeing bank overhaul
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 Sep 30 and will step into the role of AIA chairman on Oct 1, the two companies said in separate statements on Friday (Jun 6). 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 October 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. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Tucker will replace Edmund Sze-Wing Tse as AIA's chairman. Shares in AIA were up 1.8 per cent, while Hong Kong shares of HSBC were down 0.3 per cent. Hong Kong's benchmark index was off 0.2 per cent. 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 one 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 spinoff 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. REUTERS
