Mark Tucker Life story
Mark Edward Tucker is an English businessman, best known for his various roles at Prudential plc, where he was the CEO until September 2009. He currently serves as Group Chairman of HSBC Holdings plc.
HSBC chief executive out in top level reshuffle
John Flint is giving up The Role he held for 18 months "by mutual agreement with the board"
He will immediately cease his day-to-day responsibilities at Hsbc , but will help with the transition as Noel Quinn takes over as interim chief executive.
Chairman Mark Tucker thanked Mr Flint for his "commitment" and "dedication".
However, he said: "In the increasingly complex and challenging global environment in which The Bank operates, the board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us. "
Hsbc portrays itself as a conservative Bank . Unlike some rivals, it has never pursued the wilder excesses of Investment Banking , and has a proud record of appointing its chief executive and chairman From Within . It is part of the establishment in Asia and The West , and makes its money from the giant trade flows between.
With a 30-year track record at The Bank , John Flint appeared the safest of hands when appointed 18 months ago. The Bank 's shares have fallen during his tenure, but the increasing trade tensions between America and China explain most of The Fall . Mr Flint will be a "good leaver" - meaning he keeps his entitlement to most of his share options - and which rules out any idea his departure is linked to misconduct.
Mr Flint was regarded as The Favourite of his predecessor as chief executive, Stuart Gulliver - so it is possible that Mark Tucker , Hsbc 's chairman, has simply decided he wants his own man in The Job .
But the Huawei connection, although not confirmed by Hsbc , cannot be discounted. In seeking to keep in The Good books of the US authorities - which had a monitor embedded at The Bank - Hsbc provided The Information that allowed America to apply for the extradition of Meng Wanzhou , Huawei's chief financial officer. That cannot have pleased Beijing, and Hsbc is reliant On China 's goodwill as much as America's. Mr Flint may have been the necessary sacrifice.
Commenting on the current environment, Hsbc said "the outlook has changed".
It said that US interest rates were now expected to fall rather than rise and "geopolitical issues could impact a significant number of our major markets".
It added: "In the near term, the nature and impact of the UK's departure from the European Union remain highly uncertain. "'Good leaver'
Mr Flint has a 12-month notice period, but it is not clear when his departure date will be, because he has "agreed to remain available to Hsbc ".
companies, banking, hsbc
Source of news: bbc.com