May 23 (Bloomberg) -- Prudential Plc Chief Executive Officer Tidjane Thiam sold a third of his shares in the U.K.’s largest insurer after a 2010 performance-based compensation plan paid out in full and the stock soared.
Thiam, 50, sold 400,000 shares at 11.93 pounds apiece, realizing about 4.8 million pounds ($7.2 million) on May 22, the London-based insurer said in a statement today. Chief Financial Officer Nic Nicandrou, 47, sold 2.4 million pounds in shares and Michael McLintock, 52, CEO of fund-management arm M&G, sold stock valued at 3.6 million pounds.
Prudential, which got 55 percent of its new business profit from Asia in the first quarter, has doubled since Thiam took charge in 2009 as markets rebounded after the financial crisis and the firm expanded sales in Asian markets such as Indonesia and the Philippines. Thiam this year became the first-serving CEO of a FTSE 100 Index company to be publicly reprimanded by the U.K. regulator for failing to inform the authorities early enough of a $35.5 billion takeover bid for Asian AIA Group Ltd. in 2010.
“These are the first shares he has sold since he joined the company except those that were required to be sold for tax purposes,” Prudential said in an e-mailed statement. “All the executive directors retain substantial stakes in Prudential, which are well above the shareholding guidelines required by the company for board members.”
Thiam still owns stock valued at 10.4 million pounds and has 14.6 million pounds locked up under share-award plans, according to the statement. Shareholding guidelines published in the firm’s 2012 annual report state Thiam should own shares valued at 350 percent of his 1.03 million-pound salary.
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