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Prudential PLC on Wednesday said Chief Financial Officer James Turner will step down from the board on January 1.
The London-based insurer and asset manager said Turner will remain as CFO and a member of the group executive committee.
Prudential is focused on Asia and has a Hong Kong listing. "It is the practice of many of the boards of Asia-listed companies not to have chief financial officers as board members or executive directors," it explained.
Before becoming CFO, Turner was chief risk & compliance officer. As CFO, succeeded Mark FitzPatrick, who became an interim chief executive officer when Mike Wells retired in April this year.
The company subsequently has hired Anil Wadhwani as its new CEO, joining from Manulife Financial Corp in February next year.
Prudential shares were down 2.3% at 976.60 pence each on Wednesday in London.
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