London-based bank HSBC says John Flint will be its new chief executive, replacing the retiring Stuart Gulliver.
Flint, 49, joined HBSC in 1989.
Under the leadership of Douglas Flint and Mr. Gulliver, HSBC has undergone major changes, making efforts to navigate a hard business environment and the greater scrutiny and capital demands from regulators after the financial crisis.
Mark Tucker, HSBC's new chairman, said Flint "has broad and deep banking experience across regions, businesses and functions".
Flint emerged as the forerunner in the past six months as expectations HSBC could appoint its first external CEO in its 150-year history waned on the back of a rally in its share price.
His contract also provides for discretionary variable pay that consists of an annual incentive award up to a maximum value of 215% of base salary, and a long-term incentive award up to a maximum of 320% of base salary dependent on certain performance criteria being met.
His main task will be to grow revenues across HSBC's businesses, as it seeks to grow profits again following a period of restructuring after the 2008-9 financial crisis.
He will take over the bank following a period of regulatory turmoil for the sector - with HSBC no stranger to the controversy.
HSBC is carrying out a sweeping overhaul to increase profitability.
Flint spent much of his early carer in Asia, and has done stints in Hong Kong, Singapore, Indonesia, Thailand, and India as well as the United States and Britain. He has previously served as the bank's treasurer, chief executive of its global asset management business, and as chief of staff for Mr. Gulliver.
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