Bloomer axed at the Pru

THE man from the Pru is no more. The insurance giant announced today that it is sensationally parting company with chief executive Jonathan Bloomer. He is to be replaced with Mark Tucker, currently group finance director at HBOS.

Bloomer's sacking was widely anticipated but the speed with which the group, one of the City's biggest institutional investors, has found a high-powered replacement will take many in the City by surprise.

Bloomer admitted last month that he felt under pressure after the company's controversial £1bn rights issue last year but even insiders suggested that he had several more months in the job.

Although he was known to want to serve a further year, Prudential chairman Sir David Clementi is believed to have argued strongly for his replacement following increasing pressure from City investors.

New chief executive Mark Tucker, 47, has form at the Pru, having lost out to Bloomer in the contest for the top job in 2000. Tucker previously worked for the company from 1986 to 2003, rising to become chief executive of Prudential Corporation Asia from 1993 to 2003.

Clementi said today: 'Mark's background and experience mean that he is well suited to lead Prudential to the next stage in the group's development. He is widely respected in the industry and across the financial community.

'He has broad and relevant experience of the financial services market in our three key regions supported by a track record of success in growing profitable businesses for Prudential. His breadth of experience of Prudential's business is complemented by a fresh perspective on the UK financial sector as a result of his current role at HBOS.'

Bloomer was widely seen as a lame-duck following the Pru's bungled rights issue and the failed bid for US rival American General. Today he expressed regret at his departure, commenting: 'Obviously I am extremely disappointed with the board's decision, but I wish them all the best.' He was paid a total of £1.07m in 2003 but full details of his pay-off were not immediately available today. He has been with the Pru for 10 years.

Tucker's replacement at HBOS is to be Phil Hodkinson, currently chief executive of the bank's insurance and investment division. Hodkinson has led the development of the group's insurance and investment businesses since his appointment at the division in 2001.

He has been responsible for numerous innovations, including the successful launch of esure, the insurance outfit whose television advertising is fronted by the film director Michael Winner.