AIA names new Asia life head before IPO
By Denny Thomas |
July 20, 2010, Tuesday
|
Print Edition
Print Edition
AMERICAN International Group named former Prudential Plc chief executive and experienced Asia hand Mark Tucker as the head of its Asian life insurance business, AIA, ahead of an expected US$15 billion IPO.
The abrupt removal of AIA CEO Mark Wilson shows AIG Chief Executive Robert Benmosche is stamping his authority on the bailed-out United States insurer and follows a boardroom battle at AIG that culminated in its chairman Harvey Golub quitting last week.
Benmosche and Golub were at loggerheads over the future of AIA and that intensified after British insurer Prudential's US$35.5 billion bid for AIA collapsed last month.
AIG will now push ahead with an AIA initial public offering, estimated to raise about US$15 billion.
Tucker, 52, was the chief executive of Prudential Corp Asia for a decade up until 2003. In this role, he propelled Prudential's growth across Asia and established a strong regional presence.
The abrupt removal of AIA CEO Mark Wilson shows AIG Chief Executive Robert Benmosche is stamping his authority on the bailed-out United States insurer and follows a boardroom battle at AIG that culminated in its chairman Harvey Golub quitting last week.
Benmosche and Golub were at loggerheads over the future of AIA and that intensified after British insurer Prudential's US$35.5 billion bid for AIA collapsed last month.
AIG will now push ahead with an AIA initial public offering, estimated to raise about US$15 billion.
Tucker, 52, was the chief executive of Prudential Corp Asia for a decade up until 2003. In this role, he propelled Prudential's growth across Asia and established a strong regional presence.
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