Leading City investors are plotting to force Prudential chairman Harvey McGrath out before the beleaguered insurer's half-year results on 12 August, according to reports.
McGrath and chief executive Tidjane Thiam have faced heavy criticism since the collapse of Prudential's £24bn deal to buy AIG's Asian life insurance division The deal fell through after the pair failed to garner enough support for a record-breaking £14.5bn rights issue. One top twenty investor in Prudential indicated the next few days would be crucial as a group of rebel shareholders try to gain enough support to write a formal letter to the board demanding McGrath's removal, the Daily Mail reports. The shareholder says: "McGrath and Thiam appear determined to ride out the storm. ...
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