Prudential Korea CEO facing calls to step down

CEO accused of not having full control of the company

Prudential Korea CEO facing calls to step down

Insurance News

By Gabriel Olano

Prudential Life Insurance Korea CEO Kurtis Jang is facing mounting pressure to resign, stemming from outrage over his alleged mismanagement of agents, which is linked to the death of a former agency manager.

Yang Man-seung, 58, a former manager at Prudential Life Korea, died after reportedly jumping from the insurer’s 21st floor office in Gangnam, Seoul on September 3, after Jang allegedly failed to meet him to listen to his grievances.

Insider sources said there are rumours that Jang is “not in full control” of the company, and several executives were running agents and their managers ragged for better performances.

According to Prudential Korea, its US headquarters is looking into the case.

Before his death, Yang claimed he was unfairly terminated from his job a month prior, and that older employees such as himself were being edged out of the company.

Former colleagues also said that Yang’s agency was under “extreme pressure from the head office” to perform better, reports the Korea Times.

Letters by Yang were left on the company intranet and sent to former colleagues, saying two executives at the head office were exerting pressure on him, his agency, and others with “excessive requests”.

On July 26, Yang sent a letter to Jang, claiming that the two executives abused their authority to “influence the evaluation score of Yang's agency” so that they could terminate Yang's contract.

“The two figures have lost trust among agents and seemed to be evading their responsibilities for Yang's death,” a Prudential employee told the Korea Times. “The two are not regarded as leaders anymore and should leave the company.”

In its defence, Prudential Korea said that it discharged the two executives in question soon after Yang’s death. Jang also sent a message to all employees following the incident, and several memorials were set up for Yang in various branches around Korea.

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