HSBC has named Mark Tucker as its new chairman as it looks to reverse a decline in profits.
Tucker, who is currently chief executive of insurance giant AIA, will become the first outsider to take up the chairman position in HSBC's history when he begins his new role in October.
He replaces Douglas Flint, who is stepping down after more than six years at the helm.
Tucker will be tasked with finding a replacement for Stuart Gulliver, who has announced his intention to step down as HSBC's chief executive in 2018.
HSBC senior independent director Rachel Lomax said Tucker's track record of "successful leadership of complex financial services businesses in both Asia and the UK" would serve him well in his new role.
Tucker has been chief executive of AIA since 2010. He has also served as chief executive of Prudential and was a member of the Bank of England's financial stability and audit and risk committees.
The 59-year-old is also on the board of US banking giant Goldman Sachs. He will step down from Goldman before taking over at HSBC.
"We are delighted that in Mark Tucker we have secured someone who possesses the rare combination of experience demanded by the HSBC board," Lomax said in a statement.
"As CEO of two major financial services groups and through his non-executive roles at the Bank of England and Goldman Sachs, he... has extensive experience and understanding of the regulatory frameworks within which international financial services groups such as HSBC now operate."
Tucker said: "I am honoured and excited to be taking on the role of group chairman of one of the world's largest and most prestigious banking and financial services organisations.
"I have long had enormous admiration for HSBC with its unrivalled network, exceptional brand and leading position supporting global business and trade."
HSBC's share price rose more than 2% on the news of Tucker's appointment in Hong Kong on 13 March.