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Pru Poaches High-flyer Tidjane ThiamPrudential has poached Tidjane Thiam, the chief executive for Europe at arch rival Aviva, to be its new finance director in a major coup for the UKs number two insurance group. Mr Thiam joins on a pay package worth £650,000 in annual salary, with a discretionary bonus worth between 50 per cent and 110 per cent of that, depending on performance. A further £1 million a year will be payed into a long-term incentive scheme, which pays out after three years if Mr Thiam hits performance targets the Pru described as rigorous. This is thought to be higher than his pay and bonus deal at Aviva, which has not disclosed his pay arrangements. &&&§ionName=IndustrySectorsBankingFinance,mywindow,menubar=0,resizable=0,width=615,height=655); Background PPM’s divorce from Prudential delayed Insurance giants getting hitched Prudential fends off break-up calls Insurers to unveil giant £8bn merger High stakes for the Pru in Asia Insurers kept charges under wrapsInstitutions named and shamed for not making clear to policyholders the impact of fees Threat of fresh pension scandal FSA ends split-cap scandal investigation with no scalps Related Internet LinksPrudential company informationPrudential share price chartPrudential forecastRelated Links Tempus comment: Tuckers Luck Norwich Union boss quits after bust-up Moss rolls up at AvivaHis departure, after a surprise resignation last night, will reignite rivalry between Britains two top insurers, which last year failed to merge in a prospective £17 billion partnership. Mr Thiam joins Barry Stowe, the Prus chief executive in Asia, and Nick Prettejohn, the former Lloyds of London chief in charge of the UK, as potential successors to Mark Tucker, group chief executive. Mr Thiam, a 45-year-old French citizen and a former minister of planning and development for the Ivory Coast, was a high-flyer at Aviva, the biggest insurance group in the UK and owner of Norwich Union and the RAC. He joined the Aviva board in May, having worked for the group for just short of six years. A former McKinsey consultant, he was responsible for European development at the group, and will have been central to its target of increasing overseas sales by an annual 10 per cent. Mr Thiam replaces Philip Broadley, the 46-year-old finance director, who leaves Prudential after eight years to look for fresh challenges. Mr Thiam has gone on immediate gardening leave and will start his new job after Prudentials annual general meeting next May. Mr Tucker said: Tidjane is mentally and commercially extremely high-calibre. His job in the finance director role is a global, international one. He will work closely with me and will bring a new commercial and strategic focus that will be very powerful for us. Aviva said: Clearly Tidjane has been a key part of the management team at Aviva and has been working alongside Andrew Moss [chief executive] since 2004. However, he was one of ten members of the executive committee, who between them have more than 200 years of financial services experience. Pru shares gained 10p to 695½p. Aviva rose 2p to 690½p. Tag CloudExternal InformationAdditional InformationOn the Road: Blaming High-Priced Oil for Ruining Your Weekends...Big banks accept blame for global credit turmoil... Executive Pursuits: Proof That Overscheduled Modern Life Isn?t Fit for a Dog... U.S. Seeks Sanctions Against Lender... Where Am I?News Main Page - Business - Pru Poaches High-flyer Tidjane Thiam |
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