HSBC Annoints Asia Veteran as CEO

The Barbados hotels owner said that bookings are currently ahead of the same period last year

The Barbados hotels owner said that bookings are currently ahead of the same period last year

Insiders or outsiders? That has been the debate raging around HSBC since it emerged early past year that both Stuart Gulliver, its chief executive, and Douglas Flint, its chairman, would be leaving the bank in quick succession.

Flint, who has been with the bank since 1989, now runs HSBC's retail banking and wealth management division.

Flint will form a new partnership at the top of HSBC with the bank's new chairman Mark Tucker, who assumed his role on October 1. According to Haberturk, Flint, which has been working in various stages of HSBC since 1989, has previously been chief of staff of Gulliver and experienced executive officer in seat of CEO.

He will take over the role on February 21 next year, when Gulliver retires.

A married father of two, he will be paid a salary of £1.2 million per year ($1.6 million, 1.3 million euros) but could earn many millions more based on the company's performance, the lender said in the statement.

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He will also be entitled to an annual bonus worth up to 215 percent of his base pay and a long-term incentive award of up to 320 pct of his base pay.

HSBC's previous management duo of Gulliver and Douglas Flint spent the years since their appointment in 2010 shrinking HSBC, after a period of empire-building in the run-up to the 2008 global financial crisis left the bank over-extended.

But the bank still faces a tough challenge to meet its long term goal of making a better than 10 percent return on equity.

After some strong profitable years under Gulliver, HSBC earnings plunged in 2016 on huge writedowns and restructuring charges.

During Stuart Gulliver's reign, Flint had reshaped Europe's largest bank to sell assets and shift resources to Asia after great penalties. He has represented the group in Hong Kong, Singapore, Indonesia, Thailand, India, Bahrain, the United States and the United Kingdom.

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