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(Alliance News) - Prudential PLC on Thursday said Chief Executive Officer Mike Wells intends to retire from the insurer at the end of March and will not stand for re-election as a director at the next annual general meeting.
Prudential said it is conducting a search for a CEO to be based in Asia to succeed Wells, which includes both internal and external candidates.
Wells became CEO in 2015, having first joined the insurer in 1995. Wells had led Prudential's US business Jackson Financial Inc before taking over from Tidjane Thiam, who departed for bankers Credit Suisse Group AG. Prudential last year completed the demerger of Jackson, leaving the rest of the company focused on Asia and Africa.
Mark FitzPatrick, currently chief financial officer and chief operating officer, will become interim CEO when Wells steps down. FitzPatrick has asked the board not to consider him for the permanent CEO role, the company said.
Along with its next CEO, Prudential said the next CFO also will be based in Asia, saying this is the location of its largest businesses, its group regulator and the rest of its senior management team.
Prudential will release its 2021 results on March 9, the last annual report under Wells.
Prudential shares were up 1.2% at 1,253.00 pence early Thursday in London.
By Tom Waite; thomaslwaite@alliancenews.com
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