Jackie Hunt walks out on Standard Life to be Prudential UK chief
Friday 26 April 2013
Jackie Hunt quit Standard Life to join rival Prudential today, taking on one of the biggest jobs in the UK insurance industry and potentially putting her in line to succeed Tidjane Thiam as chief executive.
She has resigned as finance director at the Scottish business “with immediate effect”, walking out on a job that paid her £2.5 million last year.
Although her base salary at the Prudential is a mere £625,000, her total pay will hugely exceed that — rewards to Pru executives have lately been strikingly high. Thiam pocketed nearly £8 million in the last year.
Hunt takes on the role of chief executive of the Prudential’s UK and European arm. Although this is the low growth, lower priority part of the company compared to the fast-developing Asian arm, it is still a huge concern, managing the savings of seven million people in the UK alone.
She replaces Rob Devey, who is moving on in a few months time. His departure raised eyebrows among insurance watchers with analysts speculating that the UK business may be in worse shape than the company like to claim.
Tim Young of insurance analysts Agency Partners said: “The ousting of Rob Devey comes as part of another in a hugely long series of senior management reshuffling and would seem to indicate that the board believes Prudential UK (as we have argued in the past) has been poorly managed for quite some time.
“In general, management continuity is extremely important in the insurance industry and this is something that Prudential lacks. The main questions therefore relate to Prudential rather than Standard Life.
“Mr Devey has only been in situ since November 2009, so the brevity of his tenure must say something negative about the state of the UK business.”
Andy Hughes at ExaneBNP Paribas says Hunt’s new role is more challenging than her present one. He said: “While both Prudential and Standard Life operate in the group pensions market, Prudential UK is also a competitive annuity writer. This is a market Standard Life has avoided, instead focusing on fee income, so it will be interesting to see if this changes at Prudential. A strong performance at Prudential UK could potentially propel Jackie Hunt to the group CEO position in the future.”
Though Thiam is highly regarded in the City, his tenure at the helm of the UK’s biggest insurer has been fraught with controversy. Earlier this month he was censured by the Financial Services Authority for failing to be open with the regulator about a risky takeover he was plotting in Asia.
Said Hunt of her new job: “I greatly look forward to joining Prudential. It is a group which combines a proud heritage stretching back 165 years with a clear forward-looking strategy.”
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 2 Downfall of Dustin 'Screech' Diamond, the 'Saved By The Bell' star charged with bar stabbing
- 3 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 5 Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
Downfall of Dustin 'Screech' Diamond, the 'Saved By The Bell' star charged with bar stabbing
Syrian teenager Usaid Barho reveals how he escaped from Isis using a suicide vest
Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
UK weather: 'Coldest night of the year' tonight as freezing temperatures plummet to -10C
Millions of Britons struggling to feed themselves and facing malnourishment
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
Douglas Carswell tells Ukip to stop blaming foreigners as youth poll shows Nigel Farage is even less popular than Nick Clegg
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...