The £4m a year chief financial officer of Prudential was forced to quit today after conduct that “fells short” of the insurer’s standards.
James Turner, who landed the job a year ago after a stint as chief risk and compliance officer, is out after an investigation into a “recent recruitment situation”, but specific details were not forthcoming.
He was paid £4m last year, and £3 million the year before. as the number two at the giant insurer, which has been around for 175 years and now has a largely Asian focus.
His chief executive Anil Wadhanwi said: “Our code of conduct sets out that we expect all our colleagues to adhere to the highest professional standards and behaviours.”
Turner is likely to miss out on some future bonuses. Lawyers were appointed earlier to look into Turner after concern was raised about certain “red flags”. Pru would not name the legal firm behind the investigation.
He will be replaced by long-standing executive Ben Bulmer, who has been with the business since 1997.
Turner is just the latest top businessman to fall foul of tighter corporate governance rules and lower levels of tolerance among investors for behaviour deemed short of required standards.
He joined the Pru in 2010 from Barclays, where he was deputy head of compliance. Prudential shares, listed in Hong Kong and London, fell 22p to 1102p today. The business is valued at £30 billion.
The Pru’s statement to the stock market said: “ Mr Turner will remain available to the Group for a period of four months to support a smooth transition. There are no implications for the financial performance, reporting or operations of the business.”
