We certainly have some reservations about Tidjane Thiam, based on the following report from Reuters:
PRUDENTIAL PLC <PRU.L> – CHIEF EXECUTIVE TIDJANE THIAM WILL NOT BE TAKING UP THE OFFER TO JOIN THE BOARD OF SOCIÉTÉ GÉNÉRALE
That’s right, less than a day after the boss Prudential was proposed as a non-executive director at the French bank, he has performed a spectacular u-turn.
One could argue that at least Tidjane is listening to his shareholders, who weren’t best pleased with the fact he was considering taking on a non-executive position while simultaneously trying to double the size of the company through a daring $35.5bn acquisition.
But it also shows a spectacular lack of judgement – a quality that will be much-needed if Prudential has any chance of successfully integrating the Asian assets of AIG.
That is, if shareholders even give him the blessing to go ahead with the deal.
Related links:
Thiam turns down SocGen board seat offer – FT
Too soon for Thiam to share his talents with others – Lombard
Pru/AIA – “finely balanced” – FT Alphaville
Thiam’s 12-point guide to daring M&A – Lina Saigol / FT