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AIA Senior Execs to Quit Before Prudential Takeover

Source: Financial Times


Posted on 25 Mar 2010

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Two senior executives from AIG's Asian operations plan to quit before Prudential's planned $35.5 billion takeover, according to a source familiar with the matter.

Chief Financial Officer Steve Roder and Chief Legal Counsel Peter Cashin plan to leave AIA, AIG's massive Asian life insurer, the source told Reuters.

The departures are an early indication of the complications associated with merging the two companies.

Roder and Cashin were involved in AIA's Hong Kong listing plan, which was canceled after Britain's Prudential decided to acquire AIA, the source said.

AIA declined comment.

The Financial Times quoted sources as saying that AIA Chief Executive Mark Wilson had announced Roder and Cashin's decision to the staff earlier this week.

The announcement comes as Prudential Chief Executive Tidjane Thiam is in Asia to explain the merits of the deal to staff, regulators and investors.


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