Pru director could step down soon
PRUDENTIAL’S senior independent director has told colleagues he will step down from the board once a replacement is found, according to reports last night.
James Ross, a director at the Pru since 2004, may retire and trigger a larger board shake-up at the insurer following its failed £23.5bn bid for AIA.
A spokesperson for Prudential told City A.M. last night: “We are looking to recruit two non-executive directors in the future, but cannot comment further.”
A post on the Sky News website reported that the headhunting brief for the non-executive posts includes the requirement that either should be able to fill the role of senior independent director, currently held by Ross, 72.
The firm already needs to replace Sir Win Bishoff, a non-executive director who left the Pru in September to chair Lloyds Banking Group.
Several large investors in the firm have called for chairman Harvey McGrath and chief executive Tidjane Thiam to resign in recent weeks. Prudential has not yet selected its new non-executive members, which the firm hopes will remove some of the pressure on current executives to resign.