28 maj: Relancering af Wegners sofadesign fra 1965
29 maj: R klapper foreløbig i om skattelettelser
28-05-2012 11:45:00

Prudential Names Paul Manduca To Replace McGrath As Chairman

Relateret indhold

--Manduca to become chairman July 2

--Appointment comes as Prudential mulls change in domicile

--Outgoing chairman McGrath blamed by some investors over failed AIA acquisition

By Vladimir Guevarra


LONDON -(Dow Jones)- Prudential PLC (PUK), the U.K.'s largest insurer by market value, has appointed Paul Manduca as chairman effective July 2, replacing Harvey McGrath who some investors blamed for the company's failed and costly attempt to buy Asian rival AIA Group Ltd. (1299.HK) in 2010 for $35.5 billion.

Prudential said Manduca will step down as chairman of Aon U.K., the U.K. arm of the global insurance broker, "as soon as possible and reduce his other commitments in order to make Prudential his principal focus."

The appointment comes at a time when Prudential is weighing its options of staying in the U.K. or changing its domicile to Asia to circumvent provisions of a new insurance-solvency regime called Solvency II, set to sweep through Europe in 2014.

"Prudential is a renowned financial institution with a track record of strong delivery. The company has generated significant returns for shareholders under the leadership of (Chief Executive) Tidjane Thiam, in spite of significant macroeconomic headwinds," Manduca said.

"Our strong financial performance, exposure to fast-growing emerging markets and our proactive and prudent risk management clearly set us apart from our competitors," he said.

Manduca's annual fee as chairman will be GBP600,000. Last year, McGrath's total compensation was GBP582,000.

Manduca, a senior independent director of Prudential, was initially supposed to lead the search for Prudential's new chairman but was replaced by Andrew Turnbull after the board asked Manduca to be a candidate.

"I am very pleased that Paul is to succeed me as chairman of Prudential. I am confident that he will lead the board and support Tidjane very effectively, and I am pleased to be leaving the business in such good shape to face the challenges and opportunities that lie ahead," said McGrath, who was at the helm of Prudential for three and a half years.

In 2010, Prudential launched an audacious but doomed bid for AIA, hoping to leapfrog into a dominant Asian insurance player. Though some shareholders liked the strategy behind the deal, others were worried that the mechanics of the takeover were fraught with problems.

These included the threat that the deal would be blocked by the U.K.'s financial regulator, as well as a complicated GBP14.5 billion rights issue to fund the deal.

In the end, AIA's parent company rejected Prudential's bid to renegotiate terms. The failed bid cost Prudential GBP377 million and led some shareholders to call for the resignations of McGrath and Thiam.

Since then, AIA has listed on the Hong Kong stock market while Prudential has focused on organic growth in Asia, and has since reaped higher sales and profits from the region.

"I am delighted that Paul has accepted the position of chairman of Prudential and very much look forward to working with him," Thiam said. "I would like to thank Harvey for all he has done for this company."

A Prudential spokesman said Manduca wasn't immediately available for interviews.

Manduca founded Threadneedle Asset Management Ltd in 1994 and has acted as CEO of both Rothschild Asset Management and Deutsche Asset Management, Prudential said.

Prudential shares are around 40% higher compared with a low in 2010, but are some 6% lower from a year ago. At 0845 GMT, the shares were up 0.7% at 689 pence, giving the company a market capitalization of GBP17.6 billion.

-By Vladimir Guevarra, Dow Jones Newswires; +44 (0)20-7842-9486; vladimir.guevarra@dowjones.com; Twitter: @Vlad_DowJones

(END) Dow Jones Newswires

May 28, 2012 05:45 ET (09:45 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Opret kommentar

Relateret debat

  • 1 uge
  • 1 måned
  • 1 År
Ingen indlæg


RTX/CEO: Flere kunder og frasalg kommer aktionærer til gode

25-11-2015 16:12:36
En forventet indtægt på frasalg af en bygning samt flere kunder kommer nu aktionærerne i teleteknologiselskabet RTX til gode.Det siger administrerende direktør ..

Arkil/CEO: Vi er flere skyldige i problemer på Sjælland - NY

25-11-2015 14:18:57
Entreprenørkoncernen Arkils arbejde på tre sjællandske broprojekter har ikke været godt nok, og det samme kan man sige om flere parter, der har været involveret..

Aktier/middag: Markedet ryster flynedskydningen af sig

25-11-2015 11:32:57
Tryg og Novo Nordisk er onsdag formiddag at finde i toppen af C20 Cap-indekset, der lader til at have rystet tirsdagens negative stemning som følge af Tyrkiets ..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge
Bang & Olufsen snakker med potentielle købere - NY2
B&O/Nordnet: Investorer øjner muligheder efter ørkenvandring
Aktier/Nordea: To mulige vinderaktier når USA går shop-amok
GN/Bernstein: Risici opvejer efterhånden mulighederne
Købsinteresse gør B&O-aktien 700 millioner mere værd - NY

Relaterede aktiekurser

Prudential PLC 46,53 1,9% Stigning i aktiekurs
Prudential PLC ORD 5P 1.553,50 0,0% Aktiekurs uændret
Aon PLC 94,51 -0,3% Fald i aktiekurs

Køb- og salgsanbefalinger

  • Trend
  • Pengemaskinen

Copyright Euroinvestor A/S 2015  Disclaimer Privatlivspolitik
Aktieinformation leveres af Interactive Data.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
27. november 2015 05:36:31
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20151126.1 - EUROWEB3 - 2015-11-27 05:36:31 - 2015-11-27 05:36:31 - 1 - Website: OKAY

Når du besøger Euroinvestor.dk accepterer du, at der anvendes cookies, som vi og vores samarbejdspartnere benytter til funktionalitet, statistik og markedsføring. Læs mere om cookies på Euroinvestor.dk her