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John Flint named as HSBC's new chief executive, succeeding Stuart Gulliver

12 October 2017

London-based bank HSBC appointed John Flint as its new CEO.

With the backing of then-chairman Douglas Flint, Gulliver, 58, moved to impose central control over HSBC's vast global network, announcing more than 87,000 job cuts during his tenure and exiting nearly 100 businesses and 18 countries.

Tucker, who joined from insurer AIA, is the first outsider to be hired as chairman or chief executive at HSBC but one of his first acts as chairman was to appoint Flint, who has served his time with HSBC in both Europe and Asia, and in the bank's global banking and markets divisions, as well as its retail banking business.

"John has broad and deep banking experience across regions, businesses and functions", said group chairman Mark Tucker, who led the search for Gulliver's successor.

His contract also provides for discretionary variable pay that consists of an annual incentive award up to a maximum value of 215% of base salary, and a long-term incentive award up to a maximum of 320% of base salary dependent on certain performance criteria being met.

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"I am humbled by the responsibility and enormously excited by the opportunity to lead HSBC as group C.E.O.", Mr. Flint said. He will continue to advise HSBC until he formally retires from the bank on 11 October 2018.

"Since January 2011 the bank has paid 60.7 billion dollars in dividends, announced an additional 5.5 billion dollars of share buybacks, and delivered a total shareholder return of 66.8%".

As a company veteran, he is a safe pair of hands to succeed Gulliver.

He will take over the bank following a period of regulatory turmoil for the sector - with HSBC no stranger to the controversy.

John Flint named as HSBC's new chief executive, succeeding Stuart Gulliver