Prudential CEO Thiam Should Quit, Schroders' Buxton Tells Financial Times
Prudential Plc Chief Executive Officer Tidjane Thiam should step down following the company’s failed $35.5 billion bid to buy American International Group Inc.’s main Asian unit, the Financial Times cited Schroders Plc’s head of U.K. equities, Richard Buxton, as saying.
Someone at board level should be accountable for the aborted deal, which cost Prudential about 450 million pounds ($655 million) in fees, Buxton told the FT. Schroders, one of the ten biggest investors in Prudential, was joined by at least two other top-10 investors in calling for boardroom changes at Prudential, the FT reported, without naming them.
Thiam made his first public apology for the failure in a Bloomberg Television interview yesterday. “It is almost tragic because philosophically I am not a great fan of acquisitions,” he said.