The Manduca from the Pru

30 September 2010 By George Hay Follow @gfhay

The UK insurer is looking to add city bigwig Paul Manduca to its board, potentially as senior independent director. After Pru’s failed AIA bid, new board members are vital. But unless Manduca’s task is to identify a new chairman, the reshuffle won’t go far enough.

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Prudential is in talks to appoint the former Rothschild Asset Management chief executive Paul Manduca to its board as a nonexecutive director, according to a person familiar with the situation.

The appointment, which has yet to be ratified by the Financial Services Authority, could see Manduca becoming the Pru's senior independent director should James Ross, the current incumbent, step down. Ross, 72, has not formally announced any intention to leave but has served on the board for over six years.

Manduca, who is also nonexecutive chairman of Aon (UK) and senior independent director of Wm Morrison, is not as yet being lined up as a potential successor to Harvey McGrath, Pru's chairman, a person familiar with the situation said.

However, some shareholders have lobbied for McGrath to be replaced in the wake of the company's failed $35.5 billion bid for AIA, the Asian insurer.

Any change of senior independent director would need to be ratified by Prudential shareholders at the next annual general meeting in March 2011.

Prudential shares were up 2.4 percent at 649 pence at 1400 GMT on Sept. 30. They have risen around 16 percent since the start of June, when the AIA bid was abandoned.

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