Clementi to take on post at Prudential
David Clementi, the last accountant on the Bank of England governor's board, is to become a non-executive chairman at life assurer Prudential after stepping down as deputy governor today.
According to the Financial Times, the announcement of the appointment is expected next month, but details have not yet been finalised.
Clementi will replace Roger Hurn, who recently stepped down from Prudential because of links with disgraced telecoms company Marconi, which he used to chair.
With the assurance sector badly hit by the falling equity markets and strained relationships in the City, the accountant is joining Prudential at a difficult time. In the last year, the assurance company has faced sharp shareholder criticism over executive pay and its failed expansion in the US.
The BoE confirmed Wednesday that Clementi was to leave the Bank of England today with no successor waiting in the wings.