Prudential gets first woman boss
The Prudential moved to address the lack of senior female directors on its board by luring rival Standard Life's finance director Jackie Hunt with a potential £6.5 million pay and bonus package to become UK and Europe chief executive.
She will lead a 3,000-strong workforce which serves about seven million customers in the UK and earned £736 million in profits last year.
Ms Hunt becomes one of the most high-profile women in the UK insurance industry, and the second female board member at the Pru.
Tidjane Thiam, Prudential chief executive, said: "Jackie joins Prudential with a proven track record of delivery in the highly competitive UK insurance market. I am delighted that a person of her talent and experience is joining the group."
A chartered accountant, Ms Hunt, 44, joined Standard Life in 2009 and has held senior roles at Royal & Sun Alliance and Aviva. The role is her first chief executive job and she becomes the first woman to head the Pru's 165-year-old UK business.
The Pru has prioritised increasing the number of women in senior and board roles, but does not use quotas.
Ms Hunt joins on a pay packet worth up to £3 million a year, heading a business which earns about a quarter of the group's profits. It includes a £625,000 basic salary, a bonus worth up to 160% of salary and long-term shares worth 225% of salary. The Pru will also recompense her for Standard Life share awards which could be worth between £2 million and £3.5 million.
She said: "I greatly look forward to joining Prudential. The UK and Europe business has a clearly defined and valuable role to play within the group."
© 2013 Press Association