AIA names Ng Keng Hooi chief executive as Tucker joins HSBC

[SYDNEY] AIA Group Ltd named Ng Keng Hooi as chief executive officer, replacing Mark Tucker who is leaving the Asian insurer to become chairman of HSBC Holdings Plc.

Mr Ng, 62, joined AIA in 2010, and was previously CEO of Great Eastern Holdings Ltd, and held leadership roles at Prudential Plc. He is currently AIA's regional chief executive and has been appointed CEO-designate with immediate effect. He will succeed Mr Tucker on Sept 1, the Hong Kong-based insurer said in a statement on Monday.

Mr Tucker, 59, will start as HSBC chairman Oct 1, where he will be tasked with finding a replacement for chief executive officer Stuart Gulliver.

AIA shares fell as much as 3.2 per cent in early Hong Kong trading, the biggest intraday decline in three months. They were down 2.3 per cent at HK$49.15 at 9:39am local time. HSBC shares rose one per cent.

BLOOMBERG