ScotAm takeover claims senior victim

The fall-out from the takeover by Prudential of Scottish Amicable claimed its most senior victim yesterday with the resignation of Paul Bradshaw, the Scottish life company's deputy managing director. Mr Bradshaw, who joined ScotAm from J Rothschild International in 1994, became deputy to the company's managing director, Roy Nicolson, in November last year. He had been seen as Mr Nicolson's successor in the event of ScotAm's planned flotation and would have been in line for a share and cash bonus worth more than pounds 1m had it taken place.

Sources said that Prudential's successful takeover and the amalgamation of key areas of ScotAm's operations with those of the Pru had reduced Mr Bradshaw's role to the point where there was little option for him other than to leave. A ScotAm spokesman said that although he would give up his job immediately, Mr Bradshaw would remain on the company's board until 1 October and would continue to advise Mr Nicolson until then.