Veteran insurance executive Mark Tucker is stepping down from his role at major Asian insurer AIA to join global banking giant HSBC.
In a statement, AIA said Tucker will resign as CEO to take up the role of non-executive chairman at the London-headquartered bank.
Tucker, 59, will ascend to his new post on October 1, according to an HSBC statement reported by Bloomberg. He is also resigning from the board of Goldman Sachs.
“While I am sad to be leaving AIA, I am looking forward to new challenges… I am confident that the group will continue to enjoy success in 2017 and well beyond,” Tucker said.
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After serving as chief executive of UK insurer Prudential from 2005 to 2009, Tucker spearheaded AIA’s IPO in 2010 as group CEO and executive chairman. During his seven years at the Asian insurer, which was formerly owned by
AIG, Tucker oversaw the expansion of the company to 18 markets in the Asia-Pacific.
“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,” Tucker said.
The departing AIA chief executive will be replaced on September 1 by Ng Keng Hooi, the insurer’s regional chief executive.
With over 37 years of experience in the Asian life insurance industry, Ng is responsible for AIA’s largest businesses and group agency distribution. He is also a director of various companies within the group including its two biggest operating entities, AIA Company Limited and AIA International Limited.
“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,” Tucker said. “I have every confidence that AIA will continue to flourish under his outstanding leadership.”
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