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(Alliance News) - Prudential PLC on Wednesday announced the resignation of Chief Financial Officer James Turner, after he "fell short" of the company's "high standards."
The London-based, Asia-focused insurer said Turner's resignation relates to a code of conduct probe in regard to "a recent recruitment situation", but did not disclose further details.
Turner will be replaced by Ben Bulmer, the current CFO for the Insurance & Asset Management division. Bulmer, who will be based in Hong Kong, has served in several leadership roles at Prudential since joining in 1997.
Turner will remain available to the group for the next four months to "support a smooth transition".
News of Turner's resignation comes after he stepped down from the board in January, but remained as CFO. Prudential had explained that "it is the practice of many of the boards of Asia-listed companies not to have chief financial officers as board members or executive directors".
Chief Executive Officer Anil Wadhwani said: "I am delighted to appoint Ben as CFO. Ben is a highly experienced finance leader who has developed a deep understanding of our business and markets during his 26 years at Prudential.
"Our code of conduct sets out that we expect all our colleagues to adhere to the highest professional standards and behaviours. On behalf of the board, I would like to extend our gratitude to James for his twelve years of contribution to the business and wish him well for the future."
Shares in Prudential were down 2.2% at 1,100.50 pence each in London on Wednesday morning.
By Sabrina Penty, Alliance News reporter
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