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Prudential's departing CEO Thiam earned 11.8 million pounds in 2014

March 31, 2015 at 07:59 am EDT

LONDON (Reuters) - Prudential (>> Prudential plc) paid outgoing chief executive Tidjane Thiam 11.8 million pounds ($17.45 million) in 2014, a 35 percent increase on his 2013 compensation, following a bumper incentive plan payout in his final year in charge.

Thiam, who is leaving the dual-listed British insurer to join Credit Suisse (>> Credit Suisse Group AG) in May, was awarded 8.25 million pounds as part of the company's three-year LTIP and earned a 2.12 million pounds bonus for his performance last year, Prudential's annual report showed.

Mike Wells, head of Prudential's U.S. business - and the executive most widely tipped to succeed Thiam - was the company's second highest paid board member, earning total compensation of 11.39 million pounds.

All executive directors received a 2015 salary increase of 3 percent in line with those awarded to other group employees.

The company said it would also increase the fee paid to Chairman Paul Manduca by 16.6 percent to 700,000 pounds from July, in recognition of the "increased demands" of his role.

Like several other financial institutions and asset management firms, Prudential has announced plans to apply 'clawback' provisions to executive bonuses from 2015.

Prudential also said future executive bonus awards would reflect achievement of internally set "economic capital targets", as Europe's insurance sector prepares for the implementation of new EU capital adequacy rules known as Solvency II.

Prudential's Group IFRS operating profit rose by 14 percent to 3.19 billion pounds in 2014.

(Reporting By Sinead Cruise, editing by David Evans)

Stocks treated in this article : Credit Suisse Group AG, Prudential plc

Stocks mentioned in the article

	Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
	CREDIT SUISSE GROUP AG	0.817 CHF	-.--%	+0.84%	3.57B
	PRUDENTIAL PLC	717.6 GBX	-0.72%	+1.42%	24.68B

Tidjane Thiam

Tidjane Thiam (born 29 July 1962) is an Ivorian businessman and former politician who is the Chief Executive of Prudential plc, the UK-based insurance group. Born in Côte d'Ivoire, he holds dual Ivorian and French citizenship. He studied advanced mathematics and physics in France before joining the management consultants [& Company] in 1986, where he worked until 1994. From 1994 to 1999 he worked in Côte d'Ivoire first as Chief Executive of the National Bureau for Technical Studies (BNETD), reporting directly to the Prime Minister and the President, and from 1998 as both Chairman of the BNETD and Minister of Planning and Development. Following the Ivorian coup of 1999, he resumed a private sector career and rejoined McKinsey in Paris from 2000 to 2002, then worked as a senior executive for Aviva before being recruited by Prudential. When appointed the chief executive of Prudential in 2009, he became the first black person to lead a FTSE 100 company.

His father, Amadou Thiam, a journalist, was born in Senegal and emigrated to Côte d'Ivoire in 1947. He supported Houphouet-Boigny in his fight for the independence of the country and served more than 10 years in the Ivorian cabinet after independence. He was a Grand Officier de la Legion d’honneur, France’s highest order of decoration. Tidjane’s uncle, Habib Thiam, was Prime Minister of Senegal for more than 10 years and also served as President of the National Assembly.

In 1982 Thiam was the first Ivorian to pass the entrance examination to the École Polytechnique in Paris. In 1984, he graduated from the École Polytechnique and in 1986 from the École Nationale Supérieure des Mines de Paris where he was top of his class. He received an MBA from INSEAD in 1988 (Dean's list). In 1989 he took a one-year sabbatical from McKinsey to participate in the World Bank's Young Professionals Program in Washington, D.C. He returned to McKinsey in 1990, working first in New York City and then in Paris. an infrastructure development and economic advisory body with more than 4,000 staff, reporting directly to the President and the Prime Minister. In that role, which had cabinet rank, he was also handling key negotiations with the International Monetary Fund and the World Bank. Thiam was also a key member of the Privatization Committee, in charge of privatising extensive state-owned assets.

Source @ Wikipedia

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