Prudential chief to stand down

Published on Thursday 19 March 2009 08:56

INSURANCE giant Prudential said today its chief executive of more than four years was stepping down.

Mark Tucker, who has been with the company for 25 years, will be replaced in October by current Pru finance director Tidjane Thiam.

Mr Thiam is a former Ivory Coast government minister who left the African country following the December 1999 military coup. He joined the Pru from rival Aviva last year, fuelling speculation that the 46-year-old was on course to land one of the City's top jobs.

A French national, Mr Thiam began his professional career with consultancy firm McKinsey in London and Paris before returning to his birthplace of Ivory Coast. He was subsequently appointed minister of planning and development.

Today's change at the top came as the Prudential announced a 17% rise in operating profits to 2.96 billion for 2008.

Mr Tucker said the results represented a very strong performance in "quite exceptional circumstances".

He added that choosing to leave Prudential was one of the hardest decisions of his life.

Mr Tucker said: "I believe that I have delivered on what I set out to do and that the time is now right to hand over to a successor to continue the work.