EXTRAORDINARY ITEMS - Hey PW, it's the man from the Pru

Price Waterhouse has found a new job for Mick Newmarch, the larger-than-life former boss of Prudential. He’s now a consultant to the Big Sixer’s “Value Builder Services” unit.

Newmarch is just the man for the job. He has learned a thing or two about shareholder value creation in his time. In 1990, he got the top job at the Pru, where he presided over the sale of hundreds of estate agencies for a fraction of the price paid for them. Despite howls about his salary, his leadership powered the Pru’s shares upwards as they outperformed the market by 17% over his five years at the helm.

He resigned in 1995, criticising the industry regulators and the unworkable relationship that had developed between them and the Pru. A great shame, because Newmarch might otherwise have been enjoying the rewards of the near-30% outperformance in the shares since his departure.