According to Bloomberg, 67-year-old Du Jiaqi will step down as chairman of HSBC Holdings on September 30, while HSBC's independent non-executive director Brendan Nelson will serve as interim chairman and is currently awaiting approval from regulatory authorities.
Mark Tucker, chairman of the board of directors of HSBC Holdings, is about to leave and return to AIA Group as independent non-executive chairman.
Du Jiaqi has more than 40 years of experience in the financial industry, and has a career spanning the financial industry in Asia, the United States, the United Kingdom and Africa, of which 30 years are stationed in Hong Kong. Previously, Du Jiaqi served as president of Prudential and AIA.
AIA Group issued a statement on Friday (June 6) saying that Du Jiaqi returned to AIA Group to replace the outgoing independent non-executive chairman Xie Shirong, who will officially retire on September 30 and step down all positions at AIA.
HSBC Senior Independent Director Ann Godbehere said in a statement from HSBC: "I would like to express my gratitude to Du Jiaqi for his leadership and supervision of the bank over the past eight years and wish him all the best in his new position at AIA."
AIA President Li Yuanxiang said: "AIA is deeply grateful to Xie Shirong for his great contributions in the past. His leadership has allowed AIA to lay a solid foundation and achieve outstanding achievements, including strong business growth and successful expansion of new markets."
After he served as HSBC chairman, the bank had many management changes. For example, after 18 months as CEO of John Flint, Du Jiaqi fired him and spent seven months looking for a successor, and finally chose Noel Quinn to take over.