Prudential May Replace Chairman McGrath With Schiro, Independent Reports

James Schiro, former chief executive officer of Zurich Financial Services AG, is a candidate for the chairmanship of Prudential Plc, the Independent on Sunday said, citing unidentified people familiar with the situation.

Attention has shifted to Chairman Harvey McGrath from Chief Executive Tidjane Thiam after an investor rebellion forced the company to abandon a bid to buy the Asian business of American Insurance Group Inc., the newspaper said. While McGrath is on his way out, his replacement by Schiro is far from certain, the Independent reported.

Prudential spokesman Ed Brewster declined to comment on the report when reached today by phone.

To contact the reporter on this story: John Glover in London at johnglover@bloomberg.net

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