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Economy

Prudential poaches Thiam from Aviva

Friday, 21 September 2007

Tidjane Thiam, head of the European unit at Britain's biggest insurer Aviva, has resigned with immediate effect to join rival Prudential Plc as Group Finance Director.

Tidjane Thiam

He joined Aviva in November 2002 as group strategy and development director and became responsible for Aviva’s European operations in January 2006. Thiam, 45, was appointed to the Aviva board with effect from 1 May 2007. The European unit currently contributes around 40 per cent of the insurers' new life insurance sales.

A French national, Tidjane Thiam has also held the positions of Group Strategy and Development Director and Managing Director at Aviva International. Prior to Aviva, he was a partner with McKinsey & Company in France and Minister of Planning and Development of Ivory Coast.

Tidjane Thiam is expected to join the Prudential Board in April 2008 as an Executive Director, before current Finance Director Philip Broadley leaves at the end of May after eight years with the firm. To ensure a smooth handover of responsibilities, Broadley will remain on the Board until the Annual General Meeting on 15 May 2008 and will be responsible for the 2007 financial statements.

A £16.9 billion takeover bid for Prudential by Aviva was rejected by the Board in March 2006. Prudential employs over 26,000 people worldwide and is listed on the London and New York stock exchanges. Across the Group, Prudential has £250.7 billion of funds under management.

In August, Prudential announced a growth in operating profits of 39 per cent in the first half of 2007, compared to a 36 per cent and 28 per cent growth in operating profit in 2005 and 2006 respectively.

Commenting, Mark Tucker, Group Chief Executive, said: "I am truly delighted to welcome Tidjane to Prudential. Tidjane’s diverse background and experience mean that he is well-suited to help lead Prudential to the next stage of its development. He is widely respected in the industry and has a great reputation for optimising performance and value. I look forward to the strong contribution he will make to the Board."

Diageo

In a separate development, Philip Scott, Aviva's Group Finance Director, will be appointed to the Diageo Board, effective 17 October 2007. He will be appointed chairman of the Audit Committee and a member of the Nomination Committee and Remuneration Committee.

Philip Scott became group finance director of Britain's biggest insurer Aviva in July 2007. He is a board director of Aviva plc and non-executive chairman of Morley, Aviva's fund management business. In his previous role as group executive director, Aviva international, Philip Scott was responsible for the strategic development of Aviva's businesses in North America and Asia-Pacific. He is a fellow of the Institute of Actuaries (FIA), a regular speaker at international conferences and a recognised authority on life and pensions issues.

Jonathan Symonds has served one term as a non-executive director of Diageo, having been appointed in May 2004, and retires by rotation at the company’s AGM on 16 October 2007. Having assumed a new external role he will not seek a further term on the Board. Mr Symonds will retire as chairman of Diageo’s Audit Committee on 21 September 2007 to comply with US audit committee independence standards as he assumes his new external role.

Paul Walker, a non-executive director who has served on the Board for five years, is appointed chairman of the Audit Committee for the interim period (from 22 September to 16 October 2007).

Commenting on these Board changes, Lord Blyth said: “We will be sorry to lose Jon, who has made a major contribution to the Board, especially as chairman of the Audit Committee. I am delighted to welcome Philip to the Diageo Board. During his long career at Aviva, Philip has been responsible for the strategic development of its businesses in North America and Asia Pacific, in particular creating new operations in China and India. His experience will further enhance our Board.”

Diageo is the world's leading premium drinks business. Its collection of beverage alcohol brands across the spirits, wine and beer categories include Smirnoff, Guinness, Johnnie Walker, Baileys, J&B, Cuervo, Captain Morgan and Tanqueray, and Beaulieu Vineyard and Sterling Vineyards wines. Diageo trades in some 180 countries around the world and is listed on both the New York Stock Exchange (DEO) and the London Stock Exchange (LSE:DGE).

Aviva is the leading provider of life and pensions to Europe with substantial positions in other markets around the world, making it the world’s fifth largest insurance group based on gross worldwide premiums at 31 December 2006. Aviva’s principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of £41.5 billion and assets under management of £364 billion at 31 December 2006.

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