People Moves

Prudential Poised For Asian Hire, Two AIA Execs To Leave

Vanessa Doctor Asia Editor 28 March 2010

Prudential Poised For Asian Hire, Two AIA Execs To Leave

Prudential is preparing to make several appointments to its board as it prepares for a massive Asian push after its planned acquisition of AIA is completed, the Telegraph reports.

Harvey McGrath, the chairman, is reportedly considering the establishment of a new advisory board that will focus on its Asia growth plans. The company has offered to pay $35.5 billion for AIA, AIG's Asian insurance business. The news service said that McGrath is keen to rebuild its Prudential's board following the transaction, and that potential candidates are already being eyed, to show that majority of its operations will be generated from Asia. The AIA deal is likely to be finalised in July this year.

Led by chief executive officer Tidjane Thiam, the firm's senior management is said to be preparing for several meetings with shareholders over the next months to iron plans out.

Related media reports have also said that two of AIA's senior executives for its Asian operations intend to quit before the deal is done. Steve Roder, the chief financial officer, and Peter Cashin, the chief legal counsel, are rumoured to be leaving, although no confirmation has been given to-date. AIG has yet to reply to inquiries from WealthBriefing Asia.

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