14 Jan 2000
Board Changes at Prudential
Prudential plc announced today that Sir Peter Davis (58) is to resign from the board and leave the company at the end of February to return to J Sainsbury plc as group chief executive. Jonathan Bloomer (45) will become group chief executive on 1st March 2000. He was promoted from finance director to deputy chief executive in May 1999 when the company announced that he would become group chief executive in May 2000. Les Cullen (47) was appointed finance director in September 1999.
Sir Roger Hurn (61), chairman of Marconi and deputy chairman of Glaxo Wellcome will be appointed to the Board as a non-executive director on 17th February 2000. He will now succeed Sir Martin Jacomb as chairman of Prudential upon Sir Martin’s retirement at the AGM on 5th May 2000.
Sir Martin said “Sir Peter has done a tremendous job here during his five years as CEO. He and his senior team have strengthened the business significantly; we are well placed in our chosen markets both in the UK and overseas and substantial value has been created for shareholders. We have a first class team of executives led by Jonathan Bloomer already in place. I am sorry that Peter is leaving the company but he has completed the five years he agreed with me at the outset. I wish him well and thank him for his valuable contribution.”
“We are delighted that Sir Roger has accepted our offer to join Prudential and take over from me. His wealth of business experience will help to support our progress and direct our ambitions for the future”
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Contact name: Jan Shawe 0171 548 3911
Note to Editors:
Sir Roger Hurn
Sir Roger Hurn (61) is chairman of Marconi, formerly The General Electric Company plc. He is also deputy chairman of Glaxo Wellcome (since 1997) and a non-executive director of ICI (since 1993).
Prior to this he spent forty years with Smith’s Industries. He became chief executive in 1981 and chairman from 1991-98. He was a non-executive director of SG Warburg group from 1987-1995 and of Pilkington from 1984-94.
Since May 1999, Jonathan Bloomer has been deputy group chief executive and was previously group finance director from January 1995. Prior to this he was a partner in Arthur Andersen’s financial markets division based in London and managing partner of their European Insurance Practice.
While at Arthur Andersen he had an extensive client list in insurance and finance. In addition to a broad portfolio of audit clients, his work encompassed acquisition reviews, strategic planning and structuring, operations reviews and investigations on behalf of insurers in both the UK and Europe.
He was a key member of the editorial panel for Arthur Andersen’s study ‘Insurance in the Changing Europe’ published by The Economist publications in 1990. Between 1983-85 he was seconded to the executive of the City Panel on Take-overs and Mergers.
Jonathan has been a member of the Urgent Issues Task Force since 1997 and a non-executive director of Railtrack plc since January 1999.
Born: 23 March 1954
Education: Physics degree from Imperial College, London; FCA.
Interests: Sailing, rugby and music. He is also a member of the Finance Committee of the NSPCC.
Les Cullen has been Prudential’s group finance director since September 1999 and worked in the United Kingdom, Italy and Australia before joining the Board of Prudential in September 1999.
Prior to joining Prudential Les was group finance director of Inchape plc. In this role, along with the chairman and chief executive, he developed and implemented Inchape’s strategy to focus entirely on its worldwide motor operations and to divest the Group’s other businesses.
He has previously been an executive director of STC plc, De La Rue plc and Goodman Fielder Ltd. In each of these companies he was, in addition to a leading the function, heavily involved in the development of strategy, improving operational performance and in initiating change.
Born: 30 January 1952
Education: Economics degree from Southampton University and a Certified Accountant with an MBA from Cranfield
Interest: Sailing and hill walking.
Les is married with two children.