Tuesday, November 23, 2010

AIA Group loses 2nd senior executive in a week

HONG KONG, Nov 23 - AIA Group Ltd <1299.HK>, the recently spun off Asia life insurance arm of American International Group , has lost another key executive with the resignation of its human resources head Margret Chiu, a spokeswoman told Reuters on Tuesday.

Chiu, an executive vice president and listed in the senior management group in the company's prospectus, resigned for personal reasons, the spokeswoman said, stepping down a week after AIA lost Chris Wei, its chief marketing officer. [ID:nTOE6AG01C]

The departures come after AIA's massive, $20.5 billion IPO, and after AIG put in place a new AIA CEO prior to the offering. Chiu had been with the company since 1991.

Wei, who was responsible for AIA's branding and product strategy, joined AIA two years ago and worked closely with former chief executive Mark Wilson in holding AIA together while AIG was on the brink of collapse.

In July, AIG boss Robert Benmosche removed Wilson as AIA CEO and replaced him with Mark Tucker, a move that followed the failed bid by UK insurer Prudential Plc deal to buy AIA.

Prudential's $35.5 billion initial bid for AIA was met with some opposition at the time, as AIA management was just weeks away from filing for an IPO. AIA lost two senior executives in March, soon after Prudential launched its bid for AIA.

The insurer is going through a transition under Tucker, who is credited with building Prudential's Asian business when he was the top executive there.

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