- The 67-year-old served as AIA’s chief executive between 2010 and 2017
Sir Mark Tucker will return to insurer AIA Group as chairman after he departs HSBC at the end of September.
The 67-year-old served as AIA’s chief executive for seven years before succeeding Douglas Flint as chairman of HSBC in 2017.
Tucker oversaw the Asia-focused giant’s bumper $20.5billion listing on the Hong Kong Stock Exchange in 2010, the world’s third-largest initial public offering at the time.
Since joining HSBC, the bank has fended off pressure to break up from one of its major shareholders, Chinese insurer Ping An, and announced a restructuring plan to split its eastern and western operations.
The FTSE 100 company has also enjoyed soaring earnings over the past few years, thanks to higher interest rates, including a record $34.1billion pre-tax profit in 2023, an 80 per cent jump on the previous 12 months.
However, the firm has received huge criticism for its actions in Hong Kong, including supporting a controversial national security law and blocking Hong Kongers in Britain from accessing their retirement accounts.
Sir Mark Tucker will return to insurer AIA Group as chairman
Earlier this year, HSBC pushed back its plans to achieve net-zero carbon emissions across the business from 2030 to 2050.
Sir Mark will remain at HSBC as a strategic adviser to CEO Georges Elhedery while the search for his full-time successor happens.
HSBC has gone through four CEOs during his tenure: Stuart Gulliver, John Flint, who lasted 18 months, Noel Quinn, and finally Lebanese-born Elhedery, who joined in February.
Ann Godbehere, a non-executive director at HSBC, said: ‘On behalf of the board and the wider HSBC Group, I wish to again reiterate our thanks to Mark for his leadership and stewardship of the bank over the past eight years. We wish him well in his new role at AIA.’
Before working for AIA, Sir Mark spent over two decades at insurer Prudential, aside from a short stint as finance director of HBOS.
He rose through the ranks at Prudential, becoming head of its Asian division and eventually its CEO between 2005 and 2009.
The diehard Chelsea fan initially tried to become a professional footballer before giving up and studying business at the University of Leeds, then starting as a trainee accountant at PwC.
While at AIA, the company became the official shirt sponsor of Premier League club Tottenham Hotspur.
Edmund Sze-Wing Tse, who is standing down as AIA’s chair, said: ‘Mark’s significant contributions to AIA during his tenure as the group chief executive and president have been substantial and enduring.
‘His experience and expertise, both as a group chief executive and more recently his role as group chairman of one of the world’s largest financial institutions, ensures that AIA will benefit from his strong leadership.’
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