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, can 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 outdoor legislation agency this yr to analyze Turner’s behaviour after crimson flags have been raised by the corporate’s inside processes, in accordance with an individual with data of the scenario.
Turner didn’t reply to a request for remark.
Prudential’s chief government Anil Wadhwani, who began the position in late February, instructed workers in an e-mail on Wednesday that “our code of conduct units out that we anticipate all our colleagues to stick to the best skilled requirements and behaviours”, in accordance with a Prudential worker.
Advisable
Wadhwani mentioned in an announcement 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 originally 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, however it has relocated its senior administration to Hong Kong and its enterprise is predominantly in Asia.
Extra reporting by Ian Smith in London
