Cable & Wireless Communications PLC (CWC.LN) Chairman Richard Lapthorne has been approached by some key investors in Prudential PLC (PRU.LN) to replace the insurer's current Chairman Harvey McGrath, a person familiar with the situation told Dow Jones Newswires Thursday.

Lapthorne, 67, is considering the position but hasn't decided on it yet, the person said.

The approach to Lapthorne indicates that some shareholders in Prudential are still keen on changing the insurer's top management.

McGrath and Prudential Chief Executive Officer Tidjane Thiam have been under pressure to leave after Prudential failed last month in its planned $35.5 billion bid to buy American International Group Inc's (AIG) Asian unit AIA Group Ltd.

There is a GBP450 million cost attached to the failed deal, worth nearly as much as the GBP503 million the insurer paid in dividends last year.

Lapthorne, who was appointed C&WC's chairman in January, having served as Cable & Wireless PLC chairman since January 2003, couldn't be reached for comment. He has also recently served as chairman of private-equity owned U.K. fashion retailer New Look and of the automotive group McLaren Group, according to C&WC's website.

Nobody was immediately available to comment at Prudential.

Since the cancellation of the offer for AIA, some shareholders have been persistent in quietly calling for the resignations of McGrath and Thiam.

Former City Minister Paul Myners, former Zurich Financial Services CEO James Schiro and former Prudential CEO Mark Tucker have been reported as possible choices to replace McGrath.

Michael McLintock, CEO of M&G Investments, Prudential's investment management arm, has been reported as a choice to replace Thiam.

Myners, Schiro and Tucker have long worked in the financial industry, leaving a question on whether Lapthorne, with his background in the industrial sector, could be a perfect fit for Prudential.

Previously, Lapthorne was also a senior executive at the conglomerate Unilever PLC (ULVR.LN). He was also Vice-Chairman of British Aerospace PLC.

"Lapthorne is one of the big guns in the U.K. Putting him in Prudential can boost the credibility of the company," an analyst said.

"British Aerospace was an international company and operated on long-term contracts. Prudential is fairly similar, but with different products and different methods of distribution. Sure, Richard Lapthorne could be chairman if that's what shareholders want," the analyst said.

-By Vladimir Guevarra, Dow Jones Newswires; +44 (0) 2078429486, vladimir.guevarra@dowjones.com
Unilever NV (NYSE:UN)
Historical Stock Chart
Von Jun 2024 bis Jul 2024 Click Here for more Unilever NV Charts.
Unilever NV (NYSE:UN)
Historical Stock Chart
Von Jul 2023 bis Jul 2024 Click Here for more Unilever NV Charts.