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Norbom quits Pru, Reed leaving Standard

Life office giants Standard Life and Prudential are undergoing boardroom reshuffles.

Standard Life finance director Alison Reed and Prudential Asia chief executive Mark Norbom are both set to leave.

Reed is leaving Standard Life after only just over a year in her role as part of a series of boardroom changes following its demutualisation.

She was a surprise choice for Standard when she was hired and City analysts raised doubts about her suitability for the role as she had spent most of her career at Marks & Spencer.

Reed, who joined Standard in June 2005, could collect a payout of up to 900,000 when she leaves the firm.

Standard chairman Sir Brian Stewart is expected to step down in the near future and chief executive Sandy Crombie plans to retire in two years which will leave it with a number of key roles to be filled.

Norbom surprised investors by quitting Prudential after discussions with group chief executive Mark Tucker. The firm did not give a reason for the resignation but said Norbom and Tucker had come to the agreement that he would leave.

Tucker previously held Norbom’s role as Prudential’s head of Asian business. It is believed the two may have disagreed over the company’s direction. Norbom has a 12-month notice period and is expected to get a payoff of close to 1m.

Prudential Corporation Asia accounted for almost 39 per cent of the group’s operating profit in the first half of this year.


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