Prudential plc's new Chief Executive shares his vision for Pru Life UK and other things

by Roulee Jane F. Calayag

 

Even in a sea of unknown faces, you could not miss him. With his captivating smile, outstanding stature, and commanding presence, there is no way you can write off Tidjane Thiam-Prudential plc's new Group Chief Executive and Britain's second most powerful and influential African.

 

He does not have to rattle off his impressive credentials because just the way he deals with people around him-especially those who are given the chance to spend even a few minutes with him, is more than enough to leave observers awestruck over Mr. Thiam.

 

Indeed, the man is decked with dazzling credentials. Voted in 2008 as the next most influential black man in Britain after Celtel founder Mo Ibrahim, and described as the insurance industry's "coolest man", Mr. Thiam is a constant witness of meteoric rises in his 25-year career.

 

In October, Mr. Thiam, currently the Chief Financial Officer of Prudential plc, will take over the helm of the 160-year-old Company when Mr. Mark E. Tucker, an ingenious and charismatic leader who has made waves in Europe, the United States and Asia, steps down as Chief Executive Officer.

 

His appointment as Prudential plc's Chief Executive Officer, considering that he joined the Company only in 2008, was unexpected but obviously, Mr. Thiam's global expertise and demeanor clinched the post for him. He is, after all, a daedal, a cleverly intricate man, who is nothing but leader par excellence. With the announcement of Mr. Thiam's promotion last March, Prudential became the first FTSE 100 company to be run by a non-British man.

 

Anointed by Mr. Tucker-the miracle man that made Asia a darling of Prudential and who had just been appointed as member of the Court of Directors of the Bank of England, and endorsed by Prudential's esteemed Board of Directors as Group Chief Executive, Mr. Thiam has shown that an exceptional mettle, grounded on an unshakable belief on human goodness and on a willingness to be of service anywhere and anytime, cannot be overshadowed by anything at all. More than anything, his recent election as the next top honcho of Prudential speaks of optimistic expectations for the future.

 

In a rare chance interview Mr. Thiam granted to PruTimes on June 4 at the Manila Peninsula Hotel after a cocktails party with Pru Life UK's Executive Committee and the agency's cream of the crop, he shared his views on propelling the growth for Prudential plc, Prudential Corporation Asia (PCA), and Pru Life UK. Mr. Thiam was with Mr. Tucker, PCA's Chief Executive Barry Stowe, PCA's Chief Financial Officer Sandeep Malik, and Pru Life UK's newly-appointed President and Chief Executive Peter Grimes.

 

"The growth strategy that Mark implemented will continue and will be the same strategy for Asia. Growth is a key part of our strategy, especially in Asia where we have huge growth opportunities. We will be making investments as well," Mr. Thiam said.

 

Asked about Prudential's plan for the Philippine operations when he takes on the Group CEO post, he said: "We have the same strategy for the Philippines, which is an important market. Every unit [of Prudential plc] is important. Of course, there are challenges but we will make it through."

 

Despite the various challenges faced by Prudential units and the global financial hiccup in recent years, he expressed confidence that Pru Life UK will take off and become the top local life insurance industry player in a few years.

 

When asked how soon would this dream be realized, and if it would be possible to see Pru Life UK leading the pack in a year, Mr. Thiam smiled and said: "That's quite ambitious but that will happen within a few years. Peter Grimes and his team are well equipped to make us clear winners in the Philippines."

 

His visit to the Philippines last June 4, together with Mssrs. Tucker and Stowe, will be written as one of the milestones in Pru Life UK's history. The fact that they all took time off from their busy schedules to be with the members of Pru Life UK indicates their unwavering support for the local operations of Prudential in the country of 7,107 islands.

 

"It was a pleasure getting to meet all of the staff of Pru Life UK. The Philippines is an important market for Prudential and the fact that Mark, Barry and I all visited you together should leave you in no doubt that we want you to continue to grow and be successful," Mr. Thiam noted.

 

The man, who turned 47 years old last month, inspires a unique sense of zeal. Born in Côte d'Ivoire, Mr. Thiam's life is heightened by exploits that span various countries.

 

After completing his engineering studies in France, where he was awarded the top honors, Mr. Thiam joined management consultancy firm McKinsey in Paris and stayed there for seven years before a patriotic stirring brought him back to Côte d'Ivoire in 1993.

 

He spent six years in his home country, where he held various positions, from managing infrastructure projects to becoming a government minister until a military coup erupted in December 1999. Reports said he was placed under house arrest, when he chose to go home from a vacation in Paris and be with his countrymen during that tough time, and declined the junta's offer for him to be the regime's chief of staff. His nationalism is also evident in his continuing commitment to the African vision of a better tomorrow by being a member of the Africa Progress Panel, which is chaired by Mr. Kofi Annan.

 

Indeed, Mr. Thiam, the modern epitome of the Man from the Pru is a man driven by passion, unhindered by circumstances, always "duty-bound", and whose enduring values are anchored on integrity and service.

 

PruTimes asked what inspires Mr. Thiam, especially with his new role, and he answered: "I am duty-bound to my job. I always promise myself to give my best. My focus is greatly on my work. When I wake up in the morning, I am focused on my job."

 

If you think his credentials are too many to count, think again. The website, www.africansuccess.org cited the remarkably innumerable records of Prudential plc's CEO-designate. Among his achievements is being an MBA graduate-a Dean's list, at that-of  INSEAD. At 27, he took part in the Young Professionals Program of the World Bank in Washington, DC. Eleven years ago, the World Economic Forum in Davos named him as one of the annual 100 Global Leaders for Tomorrow. A year later, in 1999, the Forum named him a member of the "Dream Cabinet".

 

He returned to McKinsey in Paris as a partner in 2000. Two years later, he moved to Aviva as Group Strategy and Development Director, and as managing director of Aviva International and chief executive of Aviva Europe before he joined Prudential as Chief Financial Officer in March 2008. One year and two months after that major move, he was designated as Mr. Tucker's successor.

                                                                                                                                                                                              

A soft-spoken man, Mr. Thiam embodies a passionate and wise leader whose feet are planted on the ground. Quoting ING insurance analyst Kevin Ryan, in a story by Rupert Neate of London's newspaper Telegraph: "There are concerns that he [Mr. Thiam] may lack some of the nitty-gritty, s he has only been in insurance since 2002...[but] he has the brain the size of a planet, if not two, and he's harming with it".

 

Married to an American and a father of two young sons aged 15 and 13, Mr. Thiam told PruTimes that a an's destiny is entirely on his hands.

 

"The media commented a lot on the fact that I am the first black CEO of a FTSE-100 company. I am black, that is a fact but I am as responsible for my colour as I am for being right handed! What I mean is that it should not be relevant. For me, the colour of a person is not important. What matters is the quality of a person, what is inside, not what is outside."

 

His stellar achievements prove that it is what a man does that leads him to his destiny. For Mr. Thiam, his estiny is to lead and to make a difference, in whatever situation.

 

"I am physically different but I am just myself. You are a person with strengths and weaknesses. What matters is to do as much good as you can," the new top brass advised.