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Business News

Mark Tucker set to be named new chief executive of AIA

Mark Tucker is set to be appointed as the new chief executive of AIA, the Asian arm of US insurance giant AIG.

The former Prudential chief executive, Mr Tucker will lead the group through its planned IPO, which is thought to be just months away. The appointment comes less than a week after Bob Benmosche, AIG's chief executive, won a boardroom battle, resulting in the resignation of chairman Harvey Golub.

The move also underlines AIG's eagerness to press ahead with the sale of AIA following the collapse of the deal last month to sell the group to Prudential. Mark Wilson, AIA's former head had opposed the $35.5bn bid from the Pru.

The IPO of AIA is crucial to AIG, which faces a bill of billions of US taxpayer dollars. The flotation is expected to go ahead in the autumn, with bankers hoping to raise as much as $20bn.

Mr Tucker had spent nearly 25 years with Prudential, before last year being replaced by the then finance director Tidjane Thiam, who has since faced criticism for his handling of the failed AIA takeover.