Ex-Zurich boss could replace Pru chairman, reports

20th Jun 2010 13:04

The former boss of Zurich Financial Services, Jim Schiro, is reported to head a list of possible replacements for Prudential chairman Harvey McGrath.It has been rumoured that McGrath may be forced to resign following Prudential's failed $35.5bn bid for AIG's Asian business."Harvey is on his way out so the search is now on for replacement. Mr Schiro is top of many people's list, but he is far from a certainty. Would he want it? I don't really know. He is a fixer," a person familiar with the situation told the Independent on Sunday.McGrath defended his fellow directors, especially under-fire chief executive Tidjane Thiam, at a lively AGM earlier this month, claiming it was a "unanimous decision to pursue the deal and a unanimous one to pull out". But leading shareholders have shifted their sights onto the Irishman, who it's thought should have reined in his overambitious CEO, the architect of the takeover which eventually cost the insurer £450m in fees. A top shareholder thinks a new chairman should carry out a review of the board and the executive and independent directors. McGrath and senior independent director James Ross have embarked on a City charm offensive to ensure their jobs are safe. That may not be enough to save McGrath's skin, but a desire for a smooth process could see him stay around for a while yet. It had looked liked 47-year-old Thiam was on his way after it emerged last week that none of the insurer's leading shareholders had wanted to talk to him. Institutions were instead sitting down with McGrath and Ross to discuss their ideas for a boardroom clearout, while Thiam enjoyed a family holiday in Spain.