BAA Chairman Rudd Favorite For Prudential Chair Job-Newspaper
April 29 2012 - 8:13AM
Dow Jones News
Nigel Rudd, the Chairman of U.K. airports operator BAA and
engineering group Invensys PLC (ISYS.LN), is favorite to succeed
Harvey McGrath as chairman of the U.K.'s biggest insurer,
Prudential PLC, (PRU.LN) the Sunday Times newspaper reports without
citing sources.
Rudd, who has previously also been Chairman of U.K. chemist
Boots, has been short-listed for the position, alongside Glen
Moreno, Chairman of Pearson PLC (PSON.LN), the newspaper
reports.
A spokesman for Prudential declined to comment on the report.
Rudd, via BAA, couldn't be contacted.
Prudential said last year that McGrath would retire at some
point during 2012 after a replacement Chairman was found. His
retirement follows shareholder anger at Prudential's high profile
failure, in 2010, to acquire Asian insurer AIA Group, for $35.5
billion. The abortive deal, which cost Prudential GBP377 million in
fees associated with the transaction, was effectively abandoned
amid shareholder anger.
Institutional shareholders expressed concern at the price of the
deal, its perceived risk and in particular a GBP14.5 billion rights
issue that would have been used to fund it, prompting Prudential to
cancel the transaction after a failed attempt to persuade owner AIG
and its shareholders to accept a lower price.
In the aftermath of the failed transaction, some investors
called for the resignation of both McGrath and Prudential's CEO,
Tidjane Thiam, for their roles in the deal. As Prudential has since
reported improving earnings and sales figures, however, the focus
has largely moved away from Thiam.
Newspaper Web site: http://www.timesonline.co.uk
-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320
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