Prudential PLC said it will replace its chief executive, partly for his failure to find a buyer for its majority stake in Egg PLC, the underperforming online bank.
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Jonathan Bloomer, who had been widely criticized for Prudential's poor financial results, will be succeeded in May by Mark Tucker, the finance director at the Edinburgh mortgage lender HBOS PLC, the parent of Bank of Scotland.
Prudential announced the shakeup Thursday. It credited Mr. Bloomer for the "reengineering of the U.K. business" but said Mr. Tucker would bring "a fresh perspective."
