Prudential’s chief financial officer resigns after conduct probe
Prudential’s chief monetary officer James Turner has resigned within the wake of an investigation into his conduct “referring to a current recruitment scenario”, the FTSE 100 insurer mentioned on Wednesday.
Hong Kong-based Turner, who has held the position for simply over a yr, will likely be changed by Ben Bulmer, chief monetary officer of Prudential’s insurance coverage and asset administration enterprise, however will stay “obtainable” to the corporate for 4 months.
Prudential “units itself excessive requirements and Mr Turner fell brief on this event”, the corporate mentioned, with out giving particulars of the recruitment scenario. Turner will miss out on some bonus funds that he has not but acquired, the corporate added.
Prudential appointed an out of doors regulation agency this yr to analyze Turner’s behaviour after crimson flags had been raised by way of the corporate’s inner processes, in line with an individual with information of the scenario. Turner beforehand was Prudential’s chief danger and compliance officer.
Turner didn’t reply to a request for remark.
Prudential’s chief government Anil Wadhwani, who began the position in late February, informed employees in an electronic mail on Wednesday that “our code of conduct units out that we count on all our colleagues to stick to the very best skilled requirements and behaviours”, in line with a Prudential worker.
Wadhwani mentioned in a press release that Bulmer, who joined the group in 1997, is “a extremely skilled finance chief who has developed a deep understanding of our enterprise and markets”.
Turner’s departure had “no implications for the monetary efficiency, reporting or operations of the enterprise”, the group added.
Turner, who joined the corporate in 2010 after a stint as deputy head of compliance at Barclays, stepped down from Prudential’s board at the start of this yr. The corporate mentioned on the time it was as a result of many Asia-listed firms didn’t have finance chiefs as board members.
Prudential has major listings in London and Hong Kong and is domiciled within the UK, nevertheless it has relocated its senior administration to Hong Kong and its enterprise is predominantly in Asia.
The corporate has been in a interval of flux since Mike Wells stepped down from the highest job early in 2022 after a big shake-up of its operations. Some analysts expressed disappointment on the size of the transition interval to a brand new full-time chief government.
On the similar time, Prudential’s largest market in Hong Kong was disrupted by the closure of the border between town and mainland China. The border has since reopened, and gross sales to Chinese language folks travelling to Hong Kong are recovering.
Analysts at Citi mentioned the “destructive headlines” prompted by Turner’s departure had been “unhelpful” however concluded there have been no implications for enterprise efficiency.
“We see the subsequent part of the story as the brand new CEO’s strategic plan,” they mentioned. The plan is because of be introduced when the corporate releases half-year ends in August.