Leading City investors are plotting to force Prudential chairman Harvey McGrath out before the beleaguered insurer's half-year results on 12 August, according to reports.
McGrath and chief executive Tidjane Thiam have faced heavy criticism since the collapse of Prudential's £24bn deal to buy AIG's Asian life insurance division
The deal fell through after the pair failed to garner enough support for a record-breaking £14.5bn rights issue.
One top twenty investor in Prudential indicated the next few days would be crucial as a group of rebel shareholders try to gain enough support to write a formal letter to the board demanding McGrath's removal, the Daily Mail reports.
The shareholder says: "McGrath and Thiam appear determined to ride out the storm.
"They believe it is just a few outlier investors who are seeking change. This is not accurate.
"There are many major household institutions who believe there should be change, and the focus of that is very much on the chairman."
The investor says a group of leading City investors are mulling what action to take, and could act as early as Thursday.
'We will know by the end of this week what we plan to do,' he said. 'If we decide that McGrath should leave - as many of us do - we will communicate that to the company next week in a letter.'
McGrath's departure would then likely be sought in early August.
A decisive move would kill two birds with one stone. First, it would deflect rising anger about the ultimate cost of the failed AIG deal, which is likely to rise from the current £450m to over £700m.
Prudential's share price seemed unaffected by the news, with the share price up 11.7p or 2.39% to 502p in early trading.
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