Calls for Lord Myners to take over as Pru chair
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A group of shareholders are understood to be calling for former City minister Lord Myners to take over from Harvey McGrath as Prudential chairman.
Fidelity, the insurer’s fifth largest shareholder owning 2.5 per cent, is expected to demand the resignation of McGrath in a summit with the company today.
Fidelity, along with shareholders including Legal & General, is also understood to be campaigning for chief executive Tidjane Thiam to step down after Prudential’s failed bid for AIG’s Asian arm, AIA. Although, McGrath is believed to be the first target.
Lord Myners, who was previously chief executive at Gartmore and chairman at Marks & Spencer, has been tipped as a potential replacement for McGrath. Reports suggest Myners would be keen to take on the top job if the shareholders succeed in ousting McGrath.
The board is under increasing pressure from shareholders after running up £450m of costs in its proposed takeover of AIA, which fell through early this month.
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Readers' comments (1)
Alan Lakey | 21 Jun 2010 4:56 pm
I am sure that the shareholders are unaware that the Parliamentary Ombudsman is currently investigating my complaint that his economies with the truth misled the Human Rights Committee when they enquired into the lack of a 15-year longstop for advisers.
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