Prudential Group chief executive Mike Wells is to retire at the end of March after seven years in the role, with his replacement still to be recruited, and based in Asia.
In a statement on 10 February, Prudential said Wells had led its transformation into an Asia and Africa focused business, having executed two strategic demergers and accelerated the development of an Asian shareholder base through a successful equity issuance on the Hong Kong Stock Exchange.
The board said that "given the refocused nature of the business" it was conducting a search for a Group CEO to be based in Asia to succeed Wells, which includes both internal and external candidates.
Prudential is dual listed in London and Hong Kong.
Mark FitzPatrick, currently Group CFO and COO, will become interim group chief executive when Wells steps down.
In addition to leading the Group and continuing as COO, he will assist the incoming Group CEO in completing the transition process, as required.
Thereafter he will step down from the Board and remain available to the Company as an adviser for a period.
FitzPatrick, who has been Group CFO of Prudential since 2017, taking on the additional role of COO in 2019, asked the board not to consider him for the permanent group chief executive role.
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 further flagged 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. He joined Prudential in 2010, becoming director of Group Finance in 2015.
He became group chief risk officer and joined the Board in 2018.
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 Mr Kalra will both continue to be based in Hong Kong.
Shriti Vadera, Chair of Prudential, said: "I would like to thank Mike for his outstanding contribution to Prudential over the last 26 years, and particularly as CEO for the last seven years. He has led the Group through one of the most significant periods of change in its 174-year history.
"He has overseen two strategic demergers and a successful equity raise on the Hong Kong Stock Exchange, whilst steering the Group through the unprecedented events of the pandemic. The Board and I wish him every success in the future."
He added: "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 said it could 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."
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. I am grateful to have had the opportunity to work with the staff and Board of Prudential during my tenure.
"I look forward to presenting the Group's 2021 Results on 9 March 2022 and to meeting our shareholders in the weeks that follow to update them on the progress made in the delivery on our strategy.
"As I said last year, we are confident that the demand for our products will continue to grow in line with the structural growth in our chosen markets, and that we are well placed to meet this demand. Prudential has an enviable brand, great products, a compelling multi-channel distribution model and talented people. I look forward to watching the further success of the Group's development."
