Banking giant HSBC has named John Flint, chief executive of Retail Banking and Wealth Management, as executive director and group chief executive.

Flint will replace Stuart Gulliver, who will step down from both positions effective from 21 February 2018.

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Gulliver will continue to advise HSBC until his formal retirement in October 2018. He was the group CEO since 2011 and played a key role in reshaping the business strategy of the bank.

Flint has been associated with HSBC since 1989. Earlier, he held prominent roles including chief of staff to the group CEO and group head of strategy and planning, global asset management CEO, group treasurer.

Flint said: “The bank is very well-positioned for the future but we must continue to innovate and accelerate the pace of change required to meet the expectations of our shareholders, customers, employees and society at large.

“I’m looking forward to working with Mark, the Board and over 230,000 colleagues around the world to make this great bank even better.”

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HSBC chairman Mark Tucker said: “John has broad and deep banking experience across regions, businesses and functions. He has a great understanding and regard for HSBC’s heritage, and the passion to build the bank for the next generation.

“Over the coming months, before he formally takes over the Group CEO role from Stuart, we will be working closely together to develop and agree the key actions required to ensure we build on and enhance HSBC’s current momentum.”