HONG KONG - Prudential chief financial officer James Turner resigned on Wednesday amid a probe into a code of conduct matter related to a recent recruitment situation, with the firm saying he did not meet its standards.

The insurer did not detail what the conduct issues were.

The company named Mr Ben Bulmer, currently CFO for insurance and asset management, as his successor, according to a statement to Hong Kong’s stock exchange.

Mr Turner, who has been with the company for 12 years will be available to help with a smooth transition for four months, the statement said.

His departure has no implications for the firm’s financial performance, reporting or operations, according to the statement. Prudential plans to announce its half-year results on Aug 30 as scheduled.

“The group sets itself high standards and Mr Turner fell short on this occasion,” the statement said.

The appointment of Mr Bulmer, who joined Prudential in 1997 and has lived in Asia for nearly three decades, is subject to regulatory approval. Mr Bulmer was also previously regional CFO of its Asia unit.

The news of his sudden departure comes early in the reins of Mr Anil Wadhwani, who took over as chief executive officer in late February as Prudential sought to pivot to Asia and Africa.

Mr Turner appeared at various events in Hong Kong as one of the public faces of the company in Asia during the leadership transition. He has been CFO since 2022, and was previously Prudential’s group chief risk and compliance officer.

The firm said in its statement that certain past variable remuneration awards will lapse following his departure, and an adjustment may be made in future to other awards. BLOOMBERG