HSBC names John Flint as new chief executive

HSBC names John Flint as new chief executive

HSBC names John Flint as new chief executive

Mr Flint, who now runs HSBC's retail and wealth management business, will start in his new role on Feb 21 2018, taking over from current chief executive Stuart Gulliver, who is retiring after seven years in the job.

Mr Gulliver, 58, announced earlier this year that he planned to step down next year.

Mr Flint, now the head of the bank's retail bank and wealth management divisions, will replace Mr Gulliver from February 21 next year.

Mark Tucker, chairman, said Mr Flint had "broad and deep banking experience across regions, businesses and functions" as well as "a great understanding and regard for HSBC's heritage".

By picking a 28-year veteran, Tucker, himself an HSBC outsider who replaced Douglas Flint as chairman on October 1, has bowed to the lender's tradition of spurning CEO candidates without a lengthy history at the firm.

He acknowledged he needs to build on Gulliver's attempt to simplify the bank and improve its profitability.

Analysts said an internal choice for CEO was expected after Tucker was picked as chairman, the first outside appointment in the bank's 152-year history.

Flint joined the bank in October 1989 and has worked in Hong Kong, Singapore, Indonesia, Thailand, India, Bahrain, the United States and the UK. He joined HSBC in 1989 and spent 14 years in Asia at the start of his HSBC career.

In 2010 Flint was named head of asset management and at the start of 2011 was named chief of staff to the CEO and head of strategy and planning, before being given the role of running retail banking and wealth management nearly five years ago.