Published: Fri, October 13, 2017
Business | By Max Garcia

HSBC names John Flint as next CEO

HSBC names John Flint as next CEO

For 7 years, Gulliver, highest-ranking director of HSBC, said his role as a group CEO was to deliver company in a better state than he had taken to his successor, and thanks to John Flint, he said company would be in safe hands.

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. Gulliver's legacy in six years on the job is of cleaning up and tightening controls after HSBC was ensnared in a series of scandals, including laundering for drug cartels.

As chief executive, Mr. Flint will receive an annual salary of 1.2 million pounds, or about $1.6 million.

"The bank is very well-positioned for the future but we must continue to innovate and accelerate the pace of change required to meet the expectations of our shareholders, customers, employees and society at large", Flint said in a statement. First came the big, external appointment - Mark Tucker, who ran Asian insurance giant AIA, joined the bank as chairman at the start of this month, the first chairman to hail from outside HSBC's ranks since it was founded 152 years ago.

Under the leadership of Douglas Flint and Mr. Gulliver, HSBC has undergone major changes, making efforts to navigate a hard business environment and the greater scrutiny and capital demands from regulators after the financial crisis.

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