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

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John Flint will replace Stuart Gulliver at HSBC

HSBC, CEO Stuart Gulliver, who will retire next year, announced that John Flint is now head of individual banking and asset Management department.

Chairman Mark Tucker said Flint has "great understanding and regard for HSBC's heritage, and the passion to build the bank for the next generation".

Under the leadership of Douglas Flint and Mr. Gulliver, HSBC has undergone major changes, making efforts to navigate a hard business environment and the greater scrutiny and capital demands from regulators after the financial crisis.

Flint, 49, joined HBSC in 1989. Flint will be owner of a pension allowance of £360 million in new office, as well as a net base salary of £$1.2 and £1.7 million in fixed allowance.

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

'It has been my great privilege to lead HSBC as group CEO for the last seven years, Gulliver said. He also sold down assets and poured resources into Asia, where the bank now makes tidy profits.

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

'I would like to thank him on behalf of the board for everything he has done for HSBC.

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