Prudential share price slumps on news of Bouée departure

on May 12, 2015
Updated: Oct 21, 2019
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Prudential’s (LON:PRU) share price has slumped into the red today, after the UK insurance giant announced another senior departure following March’s shock resignation of the group’s chief executive.

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Prudential said in a regulatory statement this morning that Pierre-Olivier Bouée was to step down as group chief risk officer and board member after two years in the role. He joined Prudential in 2008 and served in a variety of group leadership roles before being appointed chief risk officer in 2013. Bouée will step down from the board on May 31, but will continue in his role group chief risk officer until June 30 to assist with the transition process.
“It has been a privilege to work at Prudential since 2008, during which time the Group has grown profitably to become one of the world’s leading financial services businesses, while working within a balanced, prudent risk appetite,” Bouée said, adding that he would pursue a new challenge but did not specify what that will entail.
Prudential is yet to name Bouée’s successor but said a replacement will be announced in due course. “The board has a strong focus on succession planning and a process has already begun,” Chairman Paul Manduca remarked.
Last week, Prudential chose Mike Wells, chief executive of its US subsidiary, to replace outgoing boss Tidjane Thiam, who left the insurer in March to become the new CEO of Swiss bank, Credit Suisse. Wells, who has been on Prudential’s board since January 2011, will take the helm on June 1.
Prudential’s share price dipped over three percent today. As of 13:31 BST, the stock was trading 2.79 percent lower at 1,601.50. In the year to date, the FTSE 100-listed company has seen the value of its shares rising around seven percent.
As of 14:23 BST, Tuesday, 12 May, Prudential plc share price is 1,602.50p.

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