Banking giant HSBC has confirmed that John Flint will succeed Stuart Gulliver as chief executive. Mr Flint, currently the head of the bank's retail bank and wealth management divisions, will replace Mr Gulliver from February 21 next year. Mr Gulliver, who has been chief executive since 2011, and at HSBC for 37 years, will retire from the board in February but stay on as an adviser until October 2018. Mark Tucker, chairman, 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 lead the bank. The new boss, who joined HSBC in 1989, had been widely tipped for the top job. Over the course of 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. Prior to his current role he was chief of staff to the CEO and head of strategy and planning. Mr Flint will earn a base salary of £1.2m a year, a "fixed pay allowance" of £1.7m, and a pension allowance of £360,000 equal to 30pc of his base salary. He could also be eligible for bonuses totalling 535pc of his base salary, the bank said. This would mean he could earn a maximum of £9.68m should he meet all of 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 1pc in morning trade, at 750.80p.
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