Flint will become chief executive from 21 February 2018 once Gulliver has retired from HSBC. He has a great understanding and regard for HSBC's heritage, and the passion to build the bank for the next generation.
Flint, 49, joined HBSC in 1989.
A married father of two, he will be paid a salary of £1.2 million per year (US$1.6 million, 1.3 million euros) but could earn many millions more based on the company's performance, the lender said in the statement. In addition to this, Flin's new contract predicts a long-term bonus of 215 per cent of its base salary and a 320 per cent annual bonus.
'I am humbled by the responsibility and enormously excited by the opportunity to lead HSBC as group chief executive, ' Flint said.
HSBC has named a new Chief Executive to replace the departing Stuart Gulliver.
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HSBC is carrying out a sweeping overhaul to increase profitability.
As a company veteran, he is a safe pair of hands to succeed Gulliver.
HSBC's previous management duo of Mr Gulliver and former chairman Douglas Flint spent the years since their appointments in 2010 shrinking the bank, after a period of empire-building in the run-up to the global financial crisis left it overextended. I know that with Mark and John leading the organisation, it is in great hands'.
Critics of HSBC, as well as regulators, were keen outsiders take up both leadership roles to shake up the culture after a string of huge fines for money laundering and other conduct breaches.
'I would like to thank him on behalf of the board for everything he has done for HSBC.