HSBC investors cheer as bank names Mark Tucker as chairman

‘Outstanding’: Analysts welcomed former foootballer and insurance veteran Mark Tucker’s appointment as chairman of HSBC

Bloomberg

Michael Bow13 March 2017

HSBC investors gave a thumbs up to the appointment of the former man from the Pru, Mark Tucker, as chairman today.

Shares opened 1.7% higher, up 11.5p at 678.2p, after the 59-year old former Prudential chief executive was named as replacement for outgoing HSBC chair Douglas Flint.

Tucker, a former pro footballer and Goldman Sachs board member, will take the hot seat in October and immediately start the search for HSBC chief executive Stuart Gulliver’s successor. Gulliver is due to leave next year.

Top five investor Legal & General welcomed the appointment.

Jupiter Asset Management fund manager Alastair Gunn, a big shareholder, said the appointment was “outstanding”.

“He has been a highly successful CEO managing very large organisations in the insurance and asset management industries and gained valuable insight into investment banking as a board member of Goldman Sachs”.

Tucker will stand down as chief executive of insurance giant AIA.