"A communication problem." That's how Tidjane Thiam sought to explain the Prudential's difficulty in persuading shareholders to back its audacious £25 billion bid for AIA.
It's an odd admission for someone who speaks so engagingly, but Thiam has always been different — "black African, francophone and six foot four", as he puts it. The numbers revealed today are somewhere between solid and excellent, which may lead some to ask why he needed to pursue fancy adventures overseas in the first place.
By Thiam's reckoning, the strong performance of the Asian arm is good reason to expand there via a takeover rather than merely stick-to-the-knitting.
He couldn't take investors with him on AIA but would try again if he felt it possible, it seems clear.
Those communication issues include a seeming reluctance to reassure UK policyholders that their interests are prominent. The seven million Brits who invest with the Pru would like to hear more from Thiam about what he is doing for them as opposed to shareholders.
But that's a teething issue. Turfing him out as revenge for a failed bid might be satisfying to a few investors, but seems counterproductive.
The Pru has come through a rocky patch and bares the scars. Thiam is baring a few himself, but is probably a better chief executive for the experience.
