HSBC Holdings (LON:HSBA) has confirmed the appointment of insider John Flint as its new chief executive, shortly after the group’s new chairman Mark Tucker took over. Flint is currently head of retail banking and wealth management at Europe’s biggest lender.
HSBC’s share price has been subdued in today’s session, having lost 1.09 percent to 750.10p as of 13:29 BST, underperforming the broader UK market, with the benchmark FTSE 100 index having climbed into positive territory and currently standing 0.38 percent higher at 7,562.67 points. The group’s shares have added more than 21 percent to their value over the past year, and are up by some 14 percent in the year-to-date.
New boss at HSBC
HSBC announced in a statement today that John Flint will succeed Stuart Gulliver as chief executive, effective from February 21, 2018. Flint is currently chief executive of the group’s retail banking and wealth management business.
“John has broad and deep banking experience across regions, businesses and functions. He has a great understanding and regard for HSBC’s heritage, and the passion to build the bank for the next generation,” the FTSE 100 lender’s new chairman Mark Tucker commented in the statement.
The Asia-focused lender has stuck with tradition to appoint an insider as chief executive, after Tucker, a former chief executive of Prudential, became the first outsider in HSBC’s 152-year history to be appointed to the chairman position.
HSBC said that Flint will have a base annual salary of £1.2 million, a fixed pay allowance of £1.7 million per annum and a pension allowance of £360,000 per annum equal to 30 percent of his base salary. He could also be eligible for bonuses totalling 535 percent of his base salary. The Telegraph noted in its coverage of the news that his salary almost exactly matches that of Stuart Gulliver who was paid a base salary of £1.26 million and a fixed allowance of £1.7 million, and took home £5.68 million last year, taking bonuses into account.