28th Feb 2019 13:56
LONDON (Alliance News) - Prudential PLC announced a shake-up of its board Thursday as the insurer progresses towards its previously announced geographic demerger.
Prudential will split its UK & Europe business, M&G Prudential, from Prudential PLC - which will cover Asia, Africa and the US - "resulting in two separately-listed companies with different investment characteristics and opportunities".
M&G Prudential formed in 2017 through the combination of M&G Investments and Prudential's UK & Europe life business. Now it is the UK & European savings and investments business of Prudential.
As a results, M&G Prudential Chief Executive John Foley, Prudential Asia CEO Nic Nicandrou, and Chair & CEO of Prudential North America Michael Falcon all will step down from the board of Prudential PLC at the end of its annual general meeting in May.
They will remain in their roles and as part of Prudential's group executive committee.
Non-Executive Director Adair Turner also will step down from the board at the end of the AGM, following his retirement.
"We have reviewed the composition of the board in the context of the demerger of M&G Prudential, towards which we continue to make good progress," said Prudential Chair Paul Manduca.
"John Foley will naturally stand down from the board as part of M&G Prudential's transition to an independent business. Given Prudential's changed shape following the demerger, we have decided that the roles of Asia CEO and Chair& CEO of North America will no longer be positions on the board."
Shares in Prudential were up 0.4% Thursday at 1,579.00 pence each.
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