Prudential share price: Chairman takes on external role

on Jun 26, 2015
Updated: Oct 21, 2019

Prudential’s (LON:PRU) chairman, Paul Manduca, has joined the board of the Templeton Emerging Markets (TEMIT). Manduca, who is also chairman of the Henderson Diversified Income trust, has been appointed as a non-executive director at TEMIT with effect from August 1. He will replace Peter Smith, who is stepping down as chairman of the investment trust.

“After serving on the TEMIT Board for 11 years, eight of which as chairman, I have made the decision to step down from the board later this year,” Smith said in a statement today. “I am delighted to announce that Paul Manduca will be taking over from me as chairman in due course,” he added.
Prudential confirmed the appointment in filing this morning. Shares in the FTSE 100-lsted company have been trading in negative territory so far today. As of 13:19 BST, the stock was changing hands at 1,589.00p – 0.78 percent down intraday. In the year to date, the group has seen its equity price rising almost seven percent.
Berenberg analyst Matthew Preston today retained his ‘buy’ recommendation and target price of 1,800.00p. “While there have been several changes at Prudential during the first half of 2015… from an operational perspective we expect the future to be very much business as usual,” he said. “The business has an enviable global footprint with huge growth opportunities, which are progressively being captured… As such, we believe that Prudential’s year to date underperformance versus the sector is unjustified, opening up a buying opportunity,” the analyst added.
As of 14:02 BST, Friday, 26 June, Prudential plc share price is 1,587.75p.

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