Ousted Bloomer pockets £2m from pay and shares package

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The Independent Online

Jonathan Bloomer, the outgoing chief executive of the Prudential, received more than 423,000 shares as part of his long-term incentive pay plan last year, worth £2.2m at yesterday's close.

Jonathan Bloomer, the outgoing chief executive of the Prudential, received more than 423,000 shares as part of his long-term incentive pay plan last year, worth £2.2m at yesterday's close. The award, which Mr Bloomer paid £1.3m to exercise, helped him more than double his total shareholding in Prudential to more than 820,000.

Mr Bloomer, who was voted out of his position by the board last month, is to stand down at the company's annual meeting on 5 May. He has worked for the company since 1995, first as finance director and then as chief executive for the past five years.

The share options came on top of Mr Bloomer's total salary and bonus package of £1.12m, which increased only marginally in 2004. But he is expected to receive a severance package worth at least £1.5m when he leaves. Michael McLintock, the chief executive of Prudential's fund management business, M&G, emerged as the group's highest-paid executive, receiving £1.77m - a rise of more than 16 per cent on last year.

The new chief executive for Prudential's Asian business, Mark Norbom, who began at the start of 2004, received £1.34m. If he stays with the group for another eight years, he stands to receive more than 500,000 shares, worth £3m at the current share price alone.

Overall executive pay rose by more than 26 per cent in 2004. Although this was partly due to the fact that the company was without an Asia chief executive for the second half of 2003, Mr Norbom's total package is also significantly higher than that of his predecessor, Mark Tucker.

Mr Tucker will join as the new group chief executive on 6 May, having served just four months in his new job as finance director at HBOS.

Clark Manning, the head of Prudential's US business, Jackson National Life, was the only other board member to receive more than £1m. His total remuneration for the year was £1.49m, up more than 12 per cent on the year before.

The report also revealed an increase in the overall deficit across the group's three final-salary schemes, to £649m from £602m the year before. The schemes have assets of more than £4.8bn.

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