HSBC has named a new Chief Executive to replace the departing Stuart Gulliver. The new boss is a 28-year veteran of the British bank and a familiar face in Asia.
London-based HSBC on Thursday named John Flint, currently head of its retail bank, as its new Chief executive, effective February 21.
Flint, who has been with HSBC since 1989, replaces CEO and executive board director Stuart Gulliver, who is retiring as CEO. 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. He also sold down assets and poured resources into Asia, where the bank now makes tidy profits.
Safe Pair of Hands
Flint spent his first 14 years with HSBC in Asia, establishing an investment bank in the region. He moved back to London in 2004, and has represented HSBC in Hong Kong, Singapore, Indonesia, Thailand, India, Bahrain, and the U.S.
As a company veteran, he is a safe pair of hands to succeed Gulliver. «Over the coming months, before he formally takes over the CEO role from Stuart, we will be working closely together to develop and agree the key actions required to ensure we build on and enhance HSBC’s current momentum,» HSBC chairman Mark Tucker said in a statement.
Flint will earn a base salary of £1.2 million ($1.58 million), a fixed pay allowance of £1,700,000 and a pension allowance of £360,000. He could earn as much as £2.58 million as an annual bonus, with another £3.84 million in longer-term bonus awards.
