Prudential CFO James Turner resigns amid probe into conduct

(Bloomberg) –Prudential Plc Chief Financial Officer James Turner resigned on Wednesday amid a probe into a code of conduct matter related to a recent recruitment situation, with the firm saying he didn’t meet its standards.  

The company named Ben Bulmer, currently CFO for insurance and asset management, as his successor, according to a statement to Hong Kong’s stock exchange. Turner will be available to help with a smooth transition for four months, the statement said, without detailing what the conduct issues were. 

Turner’s departure has no implications for the firm’s financial performance, reporting or operations, according to the statement. Prudential plans to announce its half-year results on Aug. 30 as scheduled. 

“The group sets itself high standards and Mr Turner fell short on this occasion,” the statement said. 

Shares of Prudential fell as much as 2.9% at the start of trading in London, before recovering some losses. In Hong Kong, the stock is trading slightly lower. 

Changes

The appointment of Bulmer, who joined Prudential in 1997 and has lived in Asia for nearly three decades, is subject to regulatory approval. Bulmer, 48, was also previously regional CFO of its Asia unit.

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The news of Turner’s sudden departure comes early in the reins of Anil Wadhwani, who took over as Chief Executive Officer in late February as Prudential sought to pivot to Asia and Africa. 

Turner, 54, appeared at various events in Hong Kong as one of the public faces of the company in Asia during the leadership transition. He has been CFO since 2022, and was previously Prudential’s group chief risk and compliance officer. The firm said in its statement that certain past variable remuneration awards will lapse following his departure and an adjustment may be made in future to other awards.