Pru chairman says jobs are safe
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Prudential chairman Harvey McGrath says the insurer’s executives are safe in the wake of the $35bn AIA deal collapse.
Earlier this week, Prudential conceded that negotiations to buy AIG’s Asian arm had failed. In an interview with the Financial Times, McGrath admitted that the Pru team was “quite devastated” that the deal failed but said they “were not worried at all about our positions.”
He told the FT: “There are a couple of shareholders calling for change, but they are the outliers. The vast majority of our biggest investors are saying they don’t want to see change at the top.”
Pru chief executive Tidjane Thiam told the FT: “It is a clever thing to try and connect my inability to seal a $35bn deal with my broad ability to run a company but that is a fallacy.
“To say I am inexperienced in running a $35bn transaction, that’s true. Not many have experience of running a $35bn transaction.”
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Readers' comments (1)
Anonymous | 4 Jun 2010 8:58 am
All on the defensive now are they? What does Tidjane make of his quote "my job is at stake" only one week ago.
The bottom line, is that shareholders were generally quite sceptical about his appointment.
So much for Corporate Responsibility and nice clear and open dialogue with the shareholders.
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