Whatever lay behind the sudden dismissal of Prudential’s chief financial officer James Turner, a breach of conduct rules is an unusual reason for someone to leave such a position, even in a year when no fewer than 26 changes in CFO have already been announced by FTSE 100 firms.
AJ Bell investment director Russ Mould said: “Shareholder pressure on the board after poor operational or share price performance, retirement, getting (or missing out on) the job of chief executive, the promotion of a predecessor to the top job, the appointment of an interim CFO after a sudden change or the desire for a fresh challenge are all much more common.
“The number of planned changes in CFO this year is well above the post-2000 average of 15 and is also the second-highest since 2000, with only the Covid-hit year of 2020 having a greater impact.
“Mr Turner’s immediate departure means that seventeen changes of CFO have already come into effect, with nine more announced, six of which have been scheduled for this year. The other three – at DS Smith, JD Sports and Unilever – have a less well-defined timeline, with Graeme Pitkethly’s term at Unilever running until the May 2024 annual general meeting at the latest.”
Leave a Comment