Former Prudential boss to head AIA

19th Jul 2010 11:58

US insurer AIG has named former Prudential chief executive Mark Tucker as head of its Asian life unit, AIA.The move comes ahead of an expected $15bn Hong Kong initial public offering of AIA and after Prudential's planned $35.5bn acquisition of the business went so disastrously wrong.Tucker will replace Mark Wilson, who will stay until the end of the year to ensure a smooth transition before leaving to "pursue other opportunities." "Mark Tucker has the public company experience, track record and relationships that will help us accomplish our ambitious goals of not just taking [AIA public], but creating Asia's pre-eminent, publicly-traded insurance company," said Robert Benmosche, AIG's chief executive.Tucker was previously rumoured to take over from chairman Harvey McGrath at Prudential.Talks are that McGrath may be forced to resign following Prudential's failed bid for AIG's Asian business.McGrath defended his fellow directors, especially under-fire chief executive Tidjane Thiam, at a lively AGM last 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 is thought should have reined in his overambitious CEO, the architect of the takeover which eventually cost the insurer £450m in fees.