News

26
Jul

M&G Prudential changes leadership team ahead of demerger

M&G Prudential today announces changes to its senior leadership team in preparation for its planned demerger from Prudential plc.
M&G Prudential was formed in 2017 through the combination of M&G Investments and Prudential’s UK & Europe life business. The changes announced today reflect the growing integration of these business units over the past year and will prepare M&G Prudential to operate as an independent business.
Anne Richards, currently Chief Executive of M&G Investments, is resigning from this role and from the Board of Prudential plc effective on 10 August 2018, following the delivery of the Group’s 2018 half year results, in order to take up a new senior leadership position in the financial services industry.
Clare Bousfield, currently Chief Executive Officer of Prudential UK, will become Chief Financial Officer of M&G Prudential.
John Foley, Chief Executive of M&G Prudential, will take on the additional responsibilities of becoming Chief Executive of the key regulated entities of M&G and Prudential UK.
John Foley said: “These changes simplify the way we make decisions, improve accountability and align management capabilities with M&G Prudential’s future needs as an independent listed business.
“I would like to thank Anne for her important contribution to M&G during a period of significant change. She leaves the business well positioned, with great performance for clients, strong positive asset flows and profitable growth for shareholders.
“I am delighted that Clare has agreed to step up to the role of Chief Financial Officer. This is a crucial position combining financial control, strategy and managing relationships with the financial markets.”
Paul Manduca, Chairman of Prudential plc, said: “Anne has made an important contribution to the Prudential plc Board during her time with the Group, and M&G has delivered strongly for all stakeholders under her leadership. We wish her all the very best in the next stage of her career.”
Mike Wells, Group Chief Executive of Prudential plc, said: “These management changes will help M&G Prudential to deliver better outcomes as a separate listed company.