London's HSBC appoints new CEO

London's HSBC appoints new CEO

London-based HSBC on Thursday named John Flint, now head of its retail bank, as its new Chief executive, effective February 21.

Flint will succeed Stuart Gulliver as executive director and group chief executive upon Gulliver's retirement next year on 21 February.

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.

"Through the search process, John has developed with myself and the board a clear sense of the opportunities and priorities that lie ahead".

A married father of two, he will be paid a salary of £1.2 million per year (US$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. In addition to this, Flin's new contract predicts a long-term bonus of 215 per cent of its base salary and a 320 per cent annual bonus.

HSBC has named a new Chief Executive to replace the departing Stuart Gulliver.

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.

'It has been my great privilege to lead HSBC as group CEO for the last seven years, Gulliver said.

"Stuart has led HSBC through a challenging and hard period with great energy and commitment and successfully reshaped the business strategy of the bank", Tucker said of Gulliver on Thursday. This includes the important work of putting in place global standards for identifying and preventing financial crime'.

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