Mr. Turner steps down from Prudential after 12 years in business
Pridential's chief financial officer stepped down from FTSE 100 insurance company following an investigation into his behavior in connection with the “recruitment situation”.
The company said that James Turner, who took over a year ago, was not up to its standards, but did not provide further details about the incident.
Mr. Turner will be replaced by Ben Ballmer, who is currently CFO of Prudential's insurance and asset management division.
Prudential said Mr Turner will remain «available» to the insurance company for four months to support a «smooth transition».
This comes after the company appointed outside lawyers to investigate Mr. Turner's behavior after concerns were raised over a «recent hiring situation.»
Anil Wadwani, chief executive of Prudential, said: » Our Code of Conduct states that we expect all of our colleagues to adhere to the highest professional standards and conduct. On behalf of the board of directors, I would like to express my gratitude to James for his twelve years of contribution to the business and wish him all the best for the future.”
Prudential said Mr. Turner's departure has no financial record, accounts or operations of the firm.
The insurance company is registered in both Hong Kong and London, but has focused on Asia in recent years.< /p>
Last year, the company spun off some of its last remaining ties to the UK by moving all of its senior executives to Asia following the resignation of longtime boss Mike Wells.
Prudential had no business operations in Great Britain since the spin-off of its British and European division. into a separate London-listed company, M&G plc, in 2019.
In recent years, the company has also completed the sale of its US business to Jackson as part of a broader shift to Asia following pressure from activist investors.
The sudden departure of Mr. Turner, based in Hong Kong, came at the start of Mr. Wadhwani's reign, after he became chief executive at the end of February.
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