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Fidelity to ask Pru chairman to resign as Myners tipped as replacement
City minister Lord Myners and former Zurich Financial Services chief executive Jim Schiro have both been tipped to replace Harvey McGrath as Pru chairman.
Markets
Fidelity is expected to heap pressure on Prudential chairman Harvey McGrath to resign in the wake of the failed AIA bid as Lord Myners is tipped to replace him.
Fidelity, which owns 3% of Prudential, is expected to add its voice to the long list calling for McGrath to step down, according to reports over the weekend.
There have been repeated calls for him to be replaced after Prudential abandoned the deal for AIG’s Asian business, at a cost of £450 million.
City minister Lord Myners (pictured) has been tipped as a possible successor although is understood not have received any official approach.
Former Zurich Financial Services chief executive Jim Schiro has also been named as a potential replacement.
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2 comments so far. Why not have your say?
snoekie
Jun 21, 2010 at 17:37
Myners has clearly not the ability to take over, given his grip on director rewards and allowing Fred to skip off into the sunset laughing his head off, probably not being able to believe his luck at getting a huge pension as a reward for the destruction wrought.
No doubt he will expect the same treatment on his failure.
report thisCharles Fox
Jun 23, 2010 at 00:22
As an Ex Senior Employee of the Prudential, I am stunned by the sheer incompetence of all board members, for giving the green light for this High Risk Venture!! As a shareholder I am furious that there were no safeguards in place, to question someone that had no previous experience in aquasitions, plus no previous knowledge of the Insurance industry, and very short service in the Prudentials Employ, and coming from a country where corruption is the norm.
My Solution: - Why not put a levy on ALL BOARD members salaries & perks to help repay our company the £450 million pounds approx Loss? That will help focus their minds when someone else gets a crazy idea!!
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