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Prudential Gets Rid of Bloomer

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After months of criticism from shareholders, Prudential has decided to get rid of chief executive, Jonathan Bloomer.

Bloomer will leave the company May 5, and be replaced by Mark Tucker who is the finance director of HBOS PLC.

An article at Forbes.com says:

“Bloomer came under attack from investors last year after he surprised the market with a 1 billion pound rights issue to fund the insurer’s expansion. His failure to find a buyer for Prudential’s majority stake in online bank Egg and his doomed bid for American General in 2002 were also criticized.

Bloomer, who served as chief executive for five years of his 10-year career at Prudential, said he was ‘extremely disappointed with the board’s decision’.”

“We have to manage the company through difficult times and not everything has made us popular,” said Bloomer. “But my job has been to lead a transformation and Prudential is now set fair to deliver further substantial growth and returns.”

The ousting of Bloomer certainly didn’t hurt Prudential stock.

According to a Bloomberg article, “Prudential shares rose as much as 26.5 pence, or 5.6 percent, to 504 pence, and traded at 503.5 pence at 12:40 p.m. on the London Stock Exchange. Since Bloomer took over in March 2000, the stock lost half its value through yesterday’s close, compared with a 32 percent decline in the eight-member FTSE All-Share Life Assurance index during the period.”

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Prudential Gets Rid of Bloomer
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