Prudential (U.K.) Ousts Bloomer; Tucker Named New Group CEO

The U.K.’s Prudential, Britain’s second largest insurer, announced that Jonathan Bloomer, Group CEO for the last five years, will be replaced by Mark Tucker, currently group finance director at HBOS, the banking group formed by the merger of Halifax and the Bank of Scotland.

Bloomer has been under increasing pressure for the last year, principally over the troubled operations at the company’s on-line bank, Egg, which it has been trying to sell, so far without success, and for the £1 billion ($1.872 billion) rights issue he pushed through to fund the insurer’s expansion plans.

Tucker knows Prudential well. He worked there for 17 years from 1986 to 2003, the last 4 as an executive director and chief executive of Prudential Corporation Asia. He developed and implemented the strategy that transformed Prudential’s business in Asia, making it one of the top two international life insurance groups in the region.

Prudential Chairman Sir David Clementi commented: “Mark’s background and experience mean that he is well suited to lead Prudential to the next stage in the group’s development. He has broad and relevant experience of the financial services market in our three key regions supported by a track record of success in growing profitable businesses for Prudential. We are delighted to be welcoming him back.”