HSBC says John Flint will succeed its chief executive of seven years, Stuart Gulliver, next year.
Europe’s largest bank, which is based in London, said Mr Gulliver would retire on 21 February to be replaced by the HSBC veteran, who currently heads its retail banking and wealth management divisions.
Chairman Mark Tucker, who led the search, said: “John has broad and deep banking experience across regions, businesses and functions.
“He has a great understanding and regard for HSBC’s heritage, and the passion to build the bank for the next generation.
“Through the search process, John has developed with myself and the board a clear sense of the opportunities and priorities that lie ahead.”
Mr Flint, who joined HSBC in 1989 and has held senior positions in Asia and Europe previously, said he was “humbled by the responsibility”.
He will take over the bank following a period of regulatory turmoil for the sector – with HSBC no stranger to the controversy.
It has had to grapple with a series of misconduct issues and paid billions in fines in the process.
Mr Tucker paid tribute to Mr Gulliver’s stewardship, saying: “Stuart has led HSBC through a challenging and difficult
period with great energy and commitment and successfully reshaped the business strategy of the bank.
“This includes the important work of putting in place global standards for identifying and preventing financial crime.
“Since January 2011 the bank has paid $60.7bn in dividends, announced an additional $5.5bn of share buybacks, and delivered a total shareholder return of 66.8%. This is an outstanding track record.”
(c) Sky News 2017: HSBC names new boss as Stuart Gulliver nears retirement