HSBC's incoming chairman Mark Tucker officially joins the board Friday, with one his first tasks expected to be the appointment a new chief executive for the bank by the end of the year.
Tucker joins with the view to assuming the chairman role as of October 1 once his predecessor Doug Flint steps down. Tucker's appointment in March was an unusual choice for a bank that tends to promote from within its own ranks.
Tucker will be joining from the pan-Asian life insurance group AIA, where he was also chairman for seven years and oversaw the company's record-breaking $17.8 billion IPO (initial public offering) in Hong Kong in 2010.
He was also a non-executive director of the Court of The Bank of England and served as a member of its Financial Stability Committee and Audit and Risk Committee between 2009 and 2012.