Ex-Pru boss Mark Tucker to takeover as head of AIA

19 July 2010 0:00 am | Updated: 19 July 2010 8:07 am | By Leah Milner

The former chief executive of Prudential, Mark Tucker, is to take over as head of AIG’s Asian arm AIA.

According to reports, Tucker is to replace Mark Wilson in what has been seen as a boardroom victory for AIG’s chief executive Robert Benmosche.

The move comes just months before the intended Hong Kong listing of AIA and follows the collapse of Prudential’s bid for the Asian insurer, which Wilson opposed.

Wilson made his scepticism over the Pru takeover public, describing it as “unworkable” and pledging to resign if the deal went ahead.

It was the collapse of the Pru deal that made it necessary for AIG to revert to its original plan and pursue a listing of AIA in order to release value from the business and help with its repayment of the billions of dollars of bail-out funds to the US government.

Commentators say the decision by Benmosche to replace Wilson signals his intention to look for a speedy sale of assets.

AIA chairman Harvey Golub resigned from his role last week after clashing with Benmosche over the collapse of the Pru bid.

 

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