NU Online News Service, April 24, 12:58 p.m. – Prudential P.L.C., London, says its chairman, Sir Roger Hurn, will be resigning as soon as the company appoints a successor.
Hurn will also resign from Prudential’s board.
Hurn joined Prudential, which has no relationship with Prudential Financial Inc., Newark, N.J., in May 2000. Previously, he was chairman of Marconi P.L.C., London, a telecommunications company that is now suffering severe financial problems.
“I am concerned that the company should not be adversely affected in any way by my recent involvement with Marconi,” Hurn said in a statement accompanying the announcement of his resignation. “Because of Prudential’s role as a significant investor in major British companies and hence its influence on corporate governance, I have decided that it is in Prudential’s best interests for me to resign from the chairmanship and board.”
Originally, Hurn said, he had hoped to have a successor in place before he announced his resignation, but “market rumors have made it necessary for me to bring my announcement forward.”
Prudential says it expects to announce a successor soon.
The Hurn announcement comes less than a week after Rolf Hueppi, chairman of Zurich Financial Services Group Inc., Zurich, announced he was resigning because of concerns about Zurich’s company’s performance.