HSBC has named AIA Group‘s CEO Mark Tucker as its new chairman, breaking the tradition of appointing insiders to the chairmanship.

Tucker, who will take over on 1 October 2017, will replace Douglas Flint who is set to retire.

Tucker will relocate to London from Hong Kong for the new responsibility.

A key responsibility of Tucker as chairman would be to lead the search to identify a successor for the group’s existing CEO Stuart Gulliver.

Tucker previously also served as the group CEO of Prudential. He has also been serving as a director of Goldman Sachs since 2012 and will step down from the role when he joins HSBC’s board.

Commenting on the new appointment, HSBC senior independent director Rachel Lomax said: “We are delighted that in Mark Tucker we have secured someone who possesses the rare combination of experience demanded by the HSBC Board. He has a long track record of successful leadership of complex financial services businesses in both Asia and the UK.

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“As CEO of two major financial services groups and through his non-executive roles at the Bank of England and Goldman Sachs, he also has extensive experience and understanding of the regulatory frameworks within which international financial services groups such as HSBC now operate.”