Neptune's Geffen bids to oust Pru CEO

Robin Geffen, MD of Neptune, is trying to rally support for a vote of no-confidence in Prudential chief executive Tidjane Thiam over his botched attempt to acquire Asian insurer AIA.

Neptune owns around £50m of Pru shares and Geffen hopes to win backing from shareholders controlling more than 10% of the life company, the Daily Mail reports. This would enable a vote on Thiam to be put forward as a resolution at the general meeting to approve the £23.7bn purchase of AIA. Geffen warns Thiam is putting the insurer's future at risk by embarking on the costly acquisition of AIA. He thinks it will hamper Pru's ability to pay dividends to shareholders and may lead to the sale of the UK business for too cheap a price, according to the Daily Mail.  "I am trying to dru...