HSBC names John Flint as new chief executive


12 Oct, 2017

HSBC names John Flint as new chief executive

Banking monolith HSBC has named John Flint as its new chief executive, as Stuart Gulliver moves towards retirement.

Mr Flint, currently head of the bank’s retail and wealth management divisions, will replace Mr Gulliver by the 21st of February next year.

Mr Gulliver, who has been CEO since 2011, and at HSBC for 37 years, will retire from the board in February but remain as an adviser until October 2018.

Chairman of the bank Mark Tucker, said Mr Flint had "broad and deep banking experience across regions, businesses and functions" as well as "a great understanding and regard for HSBC's heritage".
Mr Flint, 49, said he was "humbled by the responsibility and enormously excited" to be at the helm of the bank.

The new boss, who joined HSBC in 1989, had been widely pushed for the job title.

During his career with the high-street giant, Mr Flint worked in the Far East and the US, before becoming group treasurer in 2006 and boss of its global asset management arm in 2011. Before his current role, he was chief of staff to the CEO and head of strategy and planning.

Mr Flint’s base salary will be that of £1.2m a year, a "fixed pay allowance" of £1.7m, and a pension allowance of £360,000 equal to 30% of his base salary. He might also be eligible for additional remunerations totalling 535% of his base salary, the bank said. Adding it all up, Mr Flint could earn a maximum of £9.68m should he hit his performance targets.

The new chief's salary almost exactly matches that of Mr Gulliver in the last financial year. The outgoing CEO was paid a base salary of £1.26m and a fixed allowance of £1.7m. Taking into account bonuses, Mr Gulliver took home £5.68m last year.

HSBC shares were down 1% in morning trade, at 750.80p.

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