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Man from the Pru is first black boss of top FTSE company
Simon English19 Mar 2009
THE first black chief executive of a major British company was appointed today when Tidjane Thiam was announced as the next boss of Prudential.
He will succeed Mark Tucker in six months at the helm of the second biggest insurer in the country, just behind Aviva.
For Mr Thiam the move is merely the latest success in what has been an extraordinary life. The 46-year-old has been described as the most interesting man in insurance, praise that is not intended to be sarcastic.
His experience - of business and of life - is broad.
A former senior member of the government of the Ivory Coast, Mr Thiam returned from a Christmas trip in 1999 to find that a military coup had occurred. The government was deposed and he was arrested. He left the country shortly afterwards.
Mr Thiam, the son of a journalist, graduated in engineering and later joined McKinsey & Co. In 1994, he went to the Ivory Coast, taking senior government roles. In 1998 he was named as one of the 100 Global Leaders for Tomorrow at the World Economic Forum in Davos - a list that was dubbed the "dream cabinet". He then joined Tony Blair's Commission for Africa.
Although there are plenty of foreign, black and Asian senior executives in British business, Mr Thiam is the first to land the very top job. As group finance director, he is on a basic salary of £650,000, which would rise if bonus targets are met. When he takes over from Mr Tucker he can expect to be paid at least £2 million a year, more if the company performs well.
Mr Tucker's decision to stand down took the City by surprise. He has been with the Pru for 25 years, taking a brief break to be the finance director of HBOS a few years ago.
He said that leaving the insurer "has been one of the hardest decisions of my life".
Mr Tucker, 51, praised Mr Thiam, poached from Aviva two years ago, as the right man for the job. He said: "I think Tidjane is a terrific successor, he has all of the abilities in terms of intellect and commercial understanding."
Mr Tucker, a one-time trainee professional footballer, said today that he was not sure what his next move will be but he will look for another top job.
Mr Thiam, who recently described himself as "black, African, francophone and 6ft 4in", was ranked second on a list of the 50 most powerful black men in Britain last autumn.
He is highly regarded by politicians in Britain, having shared speaking platforms with Alistair Darling and George Osborne, among others.
Mr Thiam said today: "I am delighted at this opportunity. Prudential is an outstanding organisation with a proud history and an exciting future."
Prudential has been managing the pensions and savings of millions of Britons for 160 years. It manages funds of £249billion. The company today reported profit for last year of £2.9 billion, a rise of 17 per cent.
Reader views (4)
This is the call of Britain :Diversity,diversity,diversity.
It is time to acknowledge the significant contribution of black migrants to the host contry.
We all have a special gift for our society.Black,White and others. Society have just to accepted and we will not see another credit crunch.
Well done Mr THIAM . God bless you
- Bamba Cisse, senegal, 20/03/2009 11:09
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He brings a fresh new perspective to the World of Finance. Great news.
- Dhanraj, basildon, 19/03/2009 17:52
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First Obama, now Thiam. Life just got more interesting.
- Maya, London, 19/03/2009 16:41
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How wonderful to see people of real ability and experience being moved into positions which can only improve the state of British business.
- Jonathan Montmorency, cooden, uk., 19/03/2009 12:36
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