City veteran Manduca to chair the Pru
Tuesday 29 May 2012
Prudential has confirmed that one of the oldest hands in the City is to become its new chairman, a move aimed at placating investors angry at the botched, $35bn (£28bn) bid for the Asian insurer AIA two years ago.
Paul Manduca, already on the board and originally hired to lead the search to find a replacement for Harvey McGrath, will take a salary of £600,000 a year for the part-time, though demanding, job. He is expected to scale back his other non-executive duties, and will quit his role as chairman of the insurance broker Aon UK "as soon as possible".
Mr McGrath is carrying the can for the failed AIA bid, an ambitious tilt in the midst of a financial crisis that made shareholders uneasy and left them with a bill for £377m.
Mr Manduca, left, will assume the role of chairman on 2 July. He headed Deutsche Bank's European asset management from 2002 to 2005.
He held senior roles at Rothschild Asset Management, Eagle Star and Allied Dunbar from 1994 to 1999
The company will appoint a replacement senior independent director in due course, it added.
Newcastle winger is in Argentina having chemotherapy
Returning to the stage after 20 years makes actress feel 'nauseous'
Man's attempt to avoid being impounded heavily criticised
- 1 Scottish independence: Ireland since 1919 is a lesson for Scotland in what a Yes vote means
- 2 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 3 Grandmas keep accidentally tagging themselves as Grandmaster Flash on Facebook
- 4 Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
- 5 Kanye West halts concert after two fans don't stand up - doesn't realise one is in wheelchair and the other disabled
Islamic State: Pope is 'being targeted by Isis', Iraqi ambassador to the Holy See warns
Jennifer Lawrence and Kate Upton nude pictures exhibition cancelled after artist concedes photos were 'stolen property'
Scottish independence referendum: A nation divided against itself
John Travolta addresses former pilot's gay romance allegations publicly for the first time: 'That was the lowest I'd ever felt'
Richard III: Two years after his body was found scientists discover how he died
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
Portuguese academic says British are 'filthy, violent and drunk'
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
iJobs Money & Business
£20000 - £25000 per annum + OTE £35,000 first year: SThree: The SThree group i...
£20 - 24k (Uncapped Commission - £35k Year 1 OTE): Guru Careers: We are seekin...
£20 - 24k + Benefits: Guru Careers: This is a great opportunity for an enthusi...
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...