Mark Tucker

HSBC Holdings group chairman Mark Tucker is set to return to the insurance industry, after Hong Kong-based AIA Group appointed him as its next chairman.

Tucker, who served as the insurer’s group chief executive officer and president between 2010 and 2017, will succeed Edmund Sze-Wing Tse, effective October 1, subject to regulatory approval, AIA says in a statement. Tse is retiring as AIA’s independent non-executive chairman and independent non-executive director, effective September 30.

AIA has also appointed Tucker as the chairman of the nomination committee and a member of the remuneration committee, effective October 1.

Upon Tucker’s retirement from the HSBC board, Brendan Nelson, the bank’s independent non-executive director and chair of the group audit committee, will assume the role of interim group chair, HSBC says in a separate statement.

Tucker will remain as a strategic adviser to group chief executive officer Georges Elhedery and the board while the process to choose his permanent successor continues.

“On behalf of the board and the wider HSBC Group, I wish to again reiterate our thanks to Mark for his leadership and stewardship of the bank over the past eight years. We wish him well in his new role at AIA,” says Ann Godbehere, senior independent director, who leads the ongoing search for Tucker’s successor.

‘Excellent stewardship’

In an earlier announcement on Tucker’s retirement plans, Godbehere said: “As group chairman, he has provided strategic guidance and clarity to the management team, streamlined the board, and overseen material improvements to the group’s people succession and governance processes.

“Mark also provided excellent stewardship of the bank through the Covid-19 pandemic, and, most recently, led the group CEO succession process. Very importantly, he has also deepened the group’s relationships with key clients, regulators, and investors around the world.”

Tucker has more than 40 years of in-depth experience in the financial services industry, including in Asia, the United States, the United Kingdom, and Africa.

Tse has been with AIA for more than six decades, including 14 years as chairman. Thanking him for his service, AIA group chief executive and president Lee Yuan Siong says: “Edmund’s vision and ambition have been instrumental in shaping AIA into the leading franchise it is today. Under his guidance, we have achieved remarkable milestones, including excellent growth, expansion into new markets, and pioneering innovations that support our communities.”

The board has conferred on Tse the honorary title of chairman emeritus for the group, “reflecting the high esteem in which we will continue to hold him and honouring his unmatched legacy at AIA”.

For his part, Tucker says: “I am deeply honoured and excited to be taking on the role of independent chairman of one of the world’s largest insurance companies. AIA plays a critical role in protecting the financial wellbeing of millions of families across Asia, enabling them to live Healthier, Longer, Better Lives.”