HSBC has appointed Mark Tucker, the chief executive of Asian insurer AIA, as group chairman.
Tucker will take over on 1 October, succeeding Douglas Flint who has been in the role since 2010.
The appointment breaks an HSBC tradition of appointing insiders to the chairmanship.
Tucker has been chief executive of AIA for seven years, during which he oversaw the insurer's expansion in Asia.
Prior to AIA, he was the chief executive of insurance giant Prudential, and brings to HSBC his experience at the top of a UK financial giant as well as his Asian exposure.
HSBC has been through an overhaul in recent years in an attempt to reverse declining profits.
Over the past six years it has cut more than 40,000 jobs and sold off businesses.
Despite those efforts, profits tumbled more than 60% last year.
In 2017, it reached a $470m (£325m) settlement with the US government and states related to dubious mortgage lending and foreclosure practices during the financial crisis.
In late 2012 HSBC paid US authorities $1.9bn in a settlement over money laundering.
AIA said that Ng Keng Hooi, would take over as chief executive from 1 September.
HSBC Bank- CEO: António Pedro dos Santos Simões (1 Sep 2015)
- Headquarters: London, United Kingdom
- Founded: 15 August 1836, Birmingham, United Kingdom
- Number of employees: 85,000
- Subsidiaries: First Direct, M&S Bank, HSBC Bank, HSBC France, more
- Parent organization: HSBC
