Pru headhunts new chairman

by Gill Montia

Story link: Pru headhunts new chairman

Prudential has appointed headhunting agency, Whitehead Mann, to find a new chairman.

The insurer has given itself plenty of time to replace Sir David Clementi, who has been chair of the group since 2002 and is due to retire in 2010.

It is understood that Sir David, who is aged 58, is keen to pursue other activities, such as his involvement with certain City livery companies and his directorships of Rio Tinto and the Royal Opera House.

The change of leadership could improve Pru’s prospects in international markets because while Sir David has been popular with Prudential staff and many of its small shareholders, he is seen by some as lacking in international experience.

The group has faced fierce competition in UK markets in recent years, and new business figures due to be published this week are expected to show that Asia is becoming a key growth market.

In the US, expansion is expected to have remained steady, further supporting the argument for internationally proven leadership.

It is understood that a shortlist of six candidates will be drawn up by Whitehead Mann and that it is unlikely that an internal appointment will be made.