Prudential’s subsequent chief government shall be based mostly in Asia for the primary time after Mike Wells mentioned he was stepping down following seven years on the high of the UK’s largest listed insurance coverage firm.
The choice to base the highest job in Asia cements the 174-year-old group’s shift to the area and follows a radical shake-up overseen by Wells. He’ll retire from Prudential on the finish of March.
Mark FitzPatrick, finance director, will turn out to be interim chief government till a everlasting appointment is made.
In 2019, Wells demerged the UK operation, M&G, and final 12 months spun off Jackson, the US enterprise, below stress from activist traders. What stays is an insurance coverage firm centered on faster-growing markets in Asia and Africa.
Shriti Vadera, Prudential chair, mentioned Wells had “led the group by one of the crucial vital durations of change in its 174-year historical past”.
“Given Prudential’s give attention to the expansion markets of Asia and Africa, the Board has determined with this managed transition of the management construction, that the roles of the group CEO and the group CFO shall be based mostly in Asia, the place Prudential’s largest companies, the group regulator and the remainder of the senior administration workforce are situated,” she added.
The group’s determination to base the chief government and finance director in Asia will sever most of its remaining hyperlinks with the UK, the place it was based.
M&G, as soon as the UK arm of the enterprise, nonetheless has a life insurance coverage operation that trades below the Prudential model within the UK.
FitzPatrick, who has been finance chief since 2017, has requested to not be thought of for the everlasting chief government place and can depart the group as soon as Wells’ successor is in place.
Prudential mentioned it will contemplate each inside and exterior appointments for the function. Nic Nicandrou, a former Prudential finance director who leads the Asia enterprise and is already based mostly in Hong Kong, shall be one of many main candidates.