Pru’s UK chief leaves after missing out on the top job
PRUDENTIAL’S UK and Europe chief executive Nick Prettejohn is to leave the insurance giant after being passed over for the group chief executive job.
Prettejohn, who joined the company three and a half years ago, was seen as one of the leading contenders to succeed Mark Tucker, who will part company with Prudential in September.
But the insurer awarded the job to finance director Tidjane Thiam, leaving Prettejohn to look elsewhere for a high profile position.
He has been touted by some commentators as a possible successor to Sir Sandy Crombie as chief executive of Standard Life.
In a statement, Prettejohn thanked his colleagues for “helping drive the transformation of the business during the past three and a half years.”
Rob Devey, who heads Lloyds Banking Group’s telephone and retail banking operations, will succeed Prettejohn and stands to earn £550,000 a year, with a potential bonus of 160 per cent of base salary.
The bonus will be 40 per cent deferred, but Devey will also be eligible for long-term awards worth up to 200 per cent of his basic pay.