AIA Group Limited yesterday said its Group Chief Executive and President Mark Tucker has informed the board of directors of the company of his intention to retire from his executive positions with the company and its subsidiaries and take up the role of non-executive Group Chairman of HSBC Holdings PLC.
Accordingly, the board announced the appointment of AIA Regional Chief Executive Ng Keng Hooi as the Group Chief Executive and President Designate with immediate effect.
He will succeed Mark as Group Chief Executive and President with effect from September 1, 2017. Hooi has over 37 years of experience in the Asian life insurance industry and is currently AIA Regional Chief Executive responsible for many of the group’s largest businesses as well as Group Agency Distribution. He is also a director of various companies within the group including its two largest operating entities, AIA Company Limited and AIA International Limited.
AIA Group Chairman Edmund Tse said, “Keng Hooi is a proven leader with an impressive track record and I am delighted that he will succeed Mark as Group Chief Executive and President of AIA. This appointment follows a rigorous and extensive succession process, which included consideration of internal and external candidates.
“For the last six and a half years, Keng Hooi has excelled in the role of Regional Chief Executive for AIA displaying first-class leadership and strategic vision while consistently delivering strong results. He is ideally qualified to build on AIA’s success to-date.
“On behalf of the entire board, I would like to express my sincere thanks to Mark who has made a huge and lasting contribution to AIA as Group Chief Executive and President, having led the company from its IPO in 2010. We are extremely grateful for his leadership and for the outstanding contribution he has made over the last seven years, a period in which all of our financial and operational metrics have improved materially with AIA’s value of new business having grown from US $ 667 million in the year ended November 30, 2010 to US $ 2,750 million in the year ended November 30, 2016. I am pleased that we will have the benefit of Mark’s leadership through an appropriate and orderly period of transition and, of course, we wish him every success possible in his new role as Chairman of HSBC.”
Hooi said, “AIA is an exceptional company in an advantaged position and the group is in excellent shape. I am delighted to have the opportunity to succeed Mark and continue to work with our outstanding senior management team, our talented colleagues and agents across the organisation and our high-quality business partners to continue our impressive track record of value creation both for our customers and our shareholders. I am looking forward to ensuring a smooth and successful handover period as the entire team at AIA strives to ensure that 2017 is our best year yet.”
Mark Tucker said, “It has been a great privilege to lead AIA. I am enormously proud of the group’s achievements since we became a public company and wish to thank the board for its outstanding support as well as all of our employees and agents whose tremendous insights, dedication, teamwork and relentless pursuit of excellence have been integral to our success and our ability to serve our customers, contribute to our communities and create value for our shareholders.
“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. 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. I have every confidence that AIA will continue to flourish under his outstanding leadership.
“While I am sad to be leaving AIA, I am looking forward to new challenges. AIA is an extraordinary business with wonderful people and I am confident that the group will continue to enjoy success in 2017 and well beyond.”