Prudential CFO resigns after conduct ‘falls short of standards’
James Turner has stepped down with immediate effect just a year after taking on the job.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Insurance giant Prudential revealed its chief financial officer has resigned after an investigation into a code of conduct matter relating to a recent recruitment showed he had fallen short of its standards.
The group said James Turner – who has only been in the post for just over a year – stepped down with immediate effect and has been succeeded by Ben Bulmer, who is currently chief financial officer of the group’s insurance and asset management business.
The firm gave little detail over the incident, but stressed there were no implications for its financial performance, reporting or wider operations.
Prudential said: “The group sets itself high standards and Mr Turner fell short on this occasion.”
It is understood the firm uncovered the recruitment issue, with an internal investigation launched earlier this year and an external law firm also appointed to conduct a probe.
Mr Turner – a former chief risk officer for Pru – will remain available to the group for four months to help with a smooth handover, the group confirmed.
Mr Turner, who was based in Hong Kong, joined Prudential in 2010 as director of group-wide internal audit and worked his way up to become chief risk officer before being appointed group chief financial officer in April last year.
Anil Wadhwani, chief executive of Prudential, said: “Our code of conduct sets out that we expect all our colleagues to adhere to the highest professional standards and behaviours.
“On behalf of the board, I would like to extend our gratitude to James for his 12 years of contribution to the business and wish him well for the future.”
It said Mr Turner will be paid in line with his contract and said there would be no additional payments.
The firm said certain past performance-related share bonus awards would also lapse after his departure and future payouts under long-term bonus schemes already granted may be halted.