Ex Pru chief executive to head AIA

by Gill Montia

Story link: Ex Pru chief executive to head AIA

In a strange twist, former Prudential chief executive, Mark Tucker, has been named as the new head of AIA, replacing Mark Wilson.

Prudential only abandoned its plans to acquire AIA in June, having initially agreed to acquire the pan-Asian subsidiary of US insurer AIG, for £24 billion.

However, leading Pru shareholders were unhappy with the price and efforts to renegotiate failed.

The events left Prudential’s current chief executive, Tidjane Thiam, facing an uncertain future having spearheaded what was considered from the outset to be an audacious bid, involving a UK record-breaking £14.5 billion rights issue.

Mr Thiam replaced Mr Tucker in September of last year, keen to pursue Prudential’s continued growth in Asian markets, and AIA is now expected to proceed with an initial public offering on the Hong Kong stock exchange.