Prudential chief shuns Société Générale role

PRUDENTIAL chief executive Tidjane Thiam has said he won’t join the board of French bank Société Générale.

The U-turn came after some investors questioned his plans to take the job as the Prudential is in the middle of a massive takeover deal for the Asian arm of US insurer American international Group for $35.5bn.

Société Générale wanted him to be a non-executive director for £31,000 a year but he took flak after claims that the takeover would mean he did not have time for the second role.

Thiam said in a statement: "I am very flattered to have been selected for the role of independent director at Société Générale, which is an outstanding organisation, but my absolute priority is to continue to focus on delivering strong results for our shareholders and on ensuring the success of the transformational transaction and the subsequent integration
with AIA. I will therefore not be pursuing this opportunity with Société Générale."