AIA CEO Mark Tucker becomes HSBC chairman; successor named

Hong Kong-based pan-Asian life insurance group AIA has announced that its group CEO and president Mark Tucker is set to retire from his executive positions with the company and its subsidiaries.

Tucker has decided to take up the role of non-executive group chairman of HSBC Holdings, the company said in a statement.

The company's board of directors has appointed Ng Keng Hooi, currently AIA's regional chief executive, to succeed Tucker as the group CEO and president with effect from September 2017.

Keng Hooi has over 37 years of experience in the Asian life insurance industry and is currently a director of various companies within the group, in addition to his role as regional chief executive.

Edmund Tse, AIA group chairman, said: "Keng Hooi is a proven leader with an impressive track record and I am delighted that he will succeed Mark as group chief executive and president of AIA. For the last six and a half years, Keng Hooi has excelled in the role of regional chief executive for AIA displaying first-class leadership and strategic vision while consistently delivering strong results. He is ideally qualified to build on AIA’s success to-date.

"On behalf of the entire board, I would like to express my sincere thanks to Mark who has made a huge and lasting contribution to AIA as group chief executive and president, having led the company from its IPO in 2010," Tse added. "We are extremely grateful for his leadership and for the outstanding contribution he has made over the last seven years, a period in which all of our financial and operational metrics have improved materially with AIA’s value of new business having grown from $667 million in the year ended 30 November 2010 to $2.75 billion in the year ended 30 November 2016."

"I am pleased that we will have the benefit of Mark’s leadership through an appropriate and orderly period of transition and, of course, we wish him every success possible in his new role as chairman of HSBC."

Keng Hooi said: "AIA is an exceptional company in an advantaged position and the group is in excellent shape. I am delighted to have the opportunity to succeed Mark and continue to work with our outstanding senior management team, our talented colleagues and agents across the organisation and our high-quality business partners to continue our impressive track record of value creation both for our customers and our shareholders. I am looking forward to ensuring a smooth and successful handover period as the entire team at AIA strives to ensure that 2017 is our best year yet."

Tucker commented: “It has been a great privilege to lead AIA. I am enormously proud of the group’s achievements since we became a public company and wish to thank the board for its outstanding support as well as all of our employees and agents whose tremendous insights, dedication, teamwork and relentless pursuit of excellence have been integral to our success and our ability to serve our customers, contribute to our communities and create value for our shareholders.

"Having been CEO for seven years and with the company very well positioned to continue its strong growth, I believe now is the right time to make way for a new leader and for me personally to transition to a non-executive career. I have worked closely with Keng Hooi for over 20 years and admire him as an executive with an exceptional track record of strong execution and commercial experience in the Asian region. I have every confidence that AIA will continue to flourish under his outstanding leadership.

"While I am sad to be leaving AIA, I am looking forward to new challenges. AIA is an extraordinary business with wonderful people and I am confident that the Group will continue to enjoy success in 2017 and well beyond."

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