Shriti Vadera, Chair of Prudential, said “Given Prudential’s focus on the growth markets of Asia and Africa, the board has decided with this managed transition of the leadership structure, that the roles of the group CEO and the group CFO will be based in Asia, where Prudential’s largest businesses, the group regulator and the rest of the senior management team are located”
London:
UK based Prudential plc announced that given the refocused nature of the business, the insurer’s board is conducting a search for a group CEO, which includes both internal and external candidates. to be based in Asia.
Mike Wells, group CEO, has informed the board that having led the group through its transformation into an Asia and Africa focused business, he intends to retire from his role at the end of March 2022 and accordingly, will not stand for re-election as a Director at the next annual general Meeting.
He became Group CEO in 2015, having first joined the Group in 1995. Mr Wells executed two strategic demergers and accelerated the development of an Asian shareholder base through a successful equity issuance on the Hong Kong Stock Exchange.
Shriti Vadera, Chair of Prudential, said: “Given Prudential’s focus on the growth markets of Asia and Africa, the Board has decided with this managed transition of the leadership structure, that the roles of the group CEO and the group CFO will be based in Asia, where Prudential’s largest businesses, the Group regulator and the rest of the senior management team are located. With the strategic positioning of the group complete, it can now take the next steps in the simplification of its management and operational model. We have a depth of talent and experience in the executive team under whose leadership the Group will continue to deliver on its strategy.”
Mark FitzPatrick, currently Group CFO and COO, will become Interim Group CEO when Mr Wells steps down.
Nic Nicandrou, CEO Asia and Africa, remains responsible for leading all of Prudential’s life insurance and asset management businesses across Asia and Africa and will continue to focus on their operational performance. Nicandrou is based in Asia and has been CEO Asia and Africa since July 2017. He joined Prudential as Group CFO in 2009.
The Board is pleased to announce that it will make two further appointments, with effect from the end of March 2022. James Turner, Group Chief Risk & Compliance Officer will become the Group CFO succeeding FitzPatrick.
Avnish Kalra, Chief Risk Officer for the Group’s Asian and African businesses since 2018, will succeed Turner as Group Chief Risk & Compliance Officer and will join the group executive committee.
Turner and Kalra will both continue to be based in Hong Kong.
Mr Wells, said: “It has been a privilege to serve Prudential for the last 26 years. Having led the transformation of the Group into an Asia and Africa focused life and health insurer, now is the right time for me to hand over to an Asian based team to take the company forward.