Prudential chief executive officer (CEO) Mike Wells is retiring from his role at the end of March.
Wells, who joined the group in 1995, became CEO in 2015 after the departure of Tidjane Thiam.
He is credited with leading the group through its transformation into an Asia and Africa focused business.
Some of his notable achievements at Prudential include executing two strategic demergers and accelerating the development of an Asian shareholder base through a successful equity issuance on the Hong Kong Stock Exchange.
A search for his replacement has been launched and the group says it is looking to appoint an Asia-based CEO given the refocused nature of the business.
The group chief financial officer (CFO) and chief operating officer (COO) Mark FitzPatrick will become interim CEO. FitzPatrick has been CFO of the group since 2017 taking on the additional role of COO in 2019.
He will assist the incoming 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 has asked the board not to consider him for the permanent CEO role.
Prudential confirmed that it will publish the group’s full year results for 2021 on 9 March 2022. And Wells will host a results conference call and meet with investors after the publication.
Meanwhile the group also announce that it will make two further appointments with effect from the end of March 2022.
Chief risk and compliance officer James Turner will succeed FitzPatrick as CFO, while chief risk officer for the group’s Asian and African businesses Avnish Kalra will succeed Turner.
Turner and Kalra will join the group executive committee and will continue to be based in Hong Kong.
Prudential chair Shriti Vadera 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.
“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.”
Outgoing CEO Mike 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.
“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.”
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