Prudential PLC CFO resigns amid recruiting conduct probe

Dive Brief:

China-based Prudential PLC CFO James Turner resigned Wednesday amid an investigation into a code of conduct issue related to his involvement in a recent recruiting matter, according to a company filing with the Securities and Exchange Commission.
A 12-year veteran of the insurance and asset management company, Turner will be succeeded by Ben Bulmer, currently CFO, Insurance and Asset Management, who was previously CFO of Prudential Corporation Asia, according to the filing. Turner has been finance chief for over a year, according to his LinkedIn page.
“The group sets itself high standards and Mr. Turner fell short on this occasion,” the company filing states, adding that the matter has no “implications” for the business’ financial performance. "Our Code of Conduct sets out that we expect all our colleagues to adhere to the highest professional standards and behaviours.”

Dive Insight:

The Hong Kong-based Prudential — which is not affiliated in any way with Newark, New Jersey-based Prudential Financial — did not respond to requests for comment on the nature of the recruiting matter involved. Turner also did not immediately respond to a separate request for comment.

Turner’s compensation arrangements will reflect his contractual entitlements with no additional payments, the company said. “Certain past variable remuneration awards will lapse following Mr Turner's departure and an adjustment may be made in the future to other awards, if appropriate in line with the provisions of the policy and in line with the rules of the relevant plans,” according to the filing.

Bulmer, a chartered accountant who earned a Bachelor of Arts degree from The London School of Economics, has been with the company for nearly three decades. He has held a range of senior finance roles in Asia and London, according to the company. In his most recent position he has led the performance management, financial planning and analysis, finance operations and control, tax, actuarial and capital management functions of the Prudential Group.

“Ben is a highly experienced finance leader who has developed a deep understanding of our business and markets during his 26 years at Prudential, including in his role as Chief Financial Officer at Prudential Hong Kong's Life Insurance businesses and in central finance roles in the Group,” Prudential CEO Anil Wadhwani said in a statement, adding that he and the board have a “strong relationship” with Bulmer.