HSBC (LON:HSBA) has announced John Flint as the successor to the current chief executive, Stuart Gulliver.

Flint is due to replace Gulliver, who is planning to retire from the role, as chief executive February 21, 2018.

Flint is currently head of the bank’s retail bank and wealth management divisions. Chairman, Mark Tucker, said that Flint has  “broad and deep banking experience across regions, businesses and functions”, with also “a great understanding and regard for HSBC’s heritage”.

Whilst he was the favourite candidate, he faced competition from finance director Iain Mackay and investment banking boss Samir Assaf.

“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,” he added.

On his outgoing chief executive, Tucker said: “Stuart has led HSBC through a challenging and difficult period with great energy and commitment and successfully reshaped the business strategy of the bank,”

Tucker added that Gulliver had done “important work of putting in place global standards for identifying and preventing financial crime”.

Flint will receive almost the exact same pay package as Gulliver. He will receive a base pay of £1.2 million, with a pension of allowance of £360,000. The role comes with potential bonuses of up to 535 percent of his base salary, assuming he reaches all of his performance targets.

Flint has said he was “humbled by the responsibility and enormously excited” by the role.

Having been HSBC’s chief executive since 2011, Gulliver will step down from the role in February 2018 but will continue to advise the bank until October 2018.

Following the news, shares in the banking giant fell by just over one percent. Despite this fall, shares have been up by 30 percent in the past year.