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.
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