30th Jan 2020 08:52
(Alliance News) - Prudential PLC on Thursday unveiled its board chair succession plans, with Shriti Vadera replacing incumbent Paul Manduca at the beginning of next year.
Vadera, who is currently chair of Banco Santander SA's UK arm, joins Prudential's board as a non-executive on May 1, before taking over as chair on January 1, 2021.
She is an independent non-executive director at miners BHP Group PLC and previously held a non-executive role with FTSE 100 pharmaceutical firm AstraZeneca PLC.
Prudential said: "In addition to her extensive boardroom experience, Shriti Vadera has acted as a strategic adviser to investors and governments.
"She will step down from her roles at Santander UK and BHP before becoming chair of Prudential."
Santander UK meanwhile said its Senior Independent Director Scott Wheway has kicked off a search to replace Vadera, who has chaired the Spanish bank's unit for five years.
Prudential's Manduca said: "Shriti Vadera is an excellent choice for the future chair. I look forward to working with her on the board and during the transition to her becoming chair."
Manduca has served as Prudential's chair since 2012, initially joining the insurer's board in 2010.
Shares in Prudential were 1.3% lower at 1,373.50 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
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