HSBC share price rises as AIA head Mark Tucker confirmed as new chairman

Jasper Jolly
Follow Jasper
Investors in AIA did not welcome new they will lose Mark Tucker (Source: Getty)

Hong Kong-listed shares in HSBC have risen as markets greet the announcement of Mark Tucker as its new chairman.

Shares on the Hang Seng index rose by 2.06 per cent at the time of publication, ahead of markets opening in London, where HSBC is also listed. The stock subesquently rose 1.2 per cent at the open in the UK.

Tucker will succeed Douglas Flint as chairman on 1 October. He will move from Asian insurer AIA, bringing his experience in Asia to bear on one of HSBC’s core areas.

AIA’s shares, also listed in Hong Kong, fell by more than three per cent as investors digested the news.

Read more: What you need to know about Mark Tucker

Tucker will give up a role as non-executive director at Goldman Sachs on joining HSBC.

Tucker previously headed British insurance giant Prudential from 2005 to 2009. He has also served on the Court of the Bank of England and as financial director for HBOS from 2004 to 2005.

He is expected to earn £1.5m per year, plus a cool £300,000 in relocation pay – although those rewards pale in comparison to another career he could once pursued: professional football.

Read more: HSBC slashes its bonus pool for the year

Related articles