HSBC Holdings Chairman Mark Tucker is set to come back to the insurance company. AIA Group On October 1, it will be temporarily taken over by seasoned accountant Brendan Nelson, according to statements from both firms 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 take over from Edmund Tse Sze-wing, aged 87, who has been with the biggest insurance company in the Asia-Pacific for more than 60 years. Tse will become chairman emeritus.
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Tse mentioned that Tucker's tenure at AIA was "significant and long-lasting," highlighting his work towards listing the insurance company in Hong Kong. In October 2010, AIA made its debut on the stock market, raising approximately HK$159 billion (US$20.3 billion). This marked the biggest initial public offering ever recorded in the region’s financial history.
“I feel profoundly honored and thrilled to assume the position of independent chairman at one of the globe’s biggest insurance firms,” Tucker stated. “AIA significantly contributes to safeguarding the economic security of countless households throughout Asia, empowering them to lead healthier, more extended, improved lives.”
AIA stocks climbed 3.3 percent on Friday morning following the announcement of Tucker’s appointment, eventually finishing the day with a minor increase of 0.3 percent at HK$67.05. Meanwhile, HSBC shares ended the session up 0.2 percent at HK$93.25.
HSBC stated that Tucker will continue his role as a strategic advisor to both the board and CEO Georges Elhedery, noting that they have initiated a search for a permanent successor.
HSBC announced that Nelson, aged 75, will act as the interim chairman. As an independent non-executive director and head of the group audit committee, he also had prominent positions at KPMG UK, serving as vice-chairman up until his retirement in 2010. Nelson became part of HSBC’s board in September 2023.
Ann Godbehere, the senior independent director at HSBC, stated that "the nomination and corporate governance committee is continuing to advance the succession planning for the upcoming HSBC group chair position." Godbehere, who headed the selection process, shared this update.
We are committed to finding the most suitable individual to guide the board and broader organization through our upcoming stage of expansion and progress," she stated. "Given Brendan's deep involvement with UK-based boards and his tenure as group audit chairman, he is well-positioned to take on this temporary position during the ongoing selection process.
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