27th Jul 2018 10:23
LONDON (Alliance News) - British life insurance and financial services company Prudential PLC said Friday it has made changes to the leadership team of M&G Prudential ahead of a planned demerger of the two companies.
Clare Bousfield, who is the current chief executive officer of Prudential UK, will become the new chief financial officer of M&G Prudential.
Former Aegon UK chief financial officer, Bousfield led the strategic review and transformation of the business. She has 25 years experience in the savings, insurance and financial services industries.
Anne Richard, current chief executive of M&G Investments, will be resigning from her role, and from the board of Prudential, on August 10. She will be taking up a "new senior role leadership position in the financial services industry".
M&G Prudential Chief Executive Officer John Foley will take on the additional responsibilities of being chief executive of the regulated M&G and Prudential UK.
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.
In March, Prudential announced that M&G Prudential will be demerging from Prudential, resulting in two separately listed companies.
M&G Prudential CEO John Foley said: "These changes simplify the way we make decisions, improve accountability and align management capabilities with M&G Prudential's future needs as an independent listed business."
"I would like to thank Anne for her important contribution to M&G during a period of significant change. She leaves the business well positioned, with great performance for clients, strong positive asset flows and profitable growth for shareholders.
"I am delighted that Clare has agreed to step up to the role of chief financial officer. This is a crucial position combining financial control, strategy and managing relationships with the financial markets."
Prudential CEO Mike Wells said: "These management changes will help M&G Prudential to deliver better outcomes as a separate listed company."
"Anne has driven a significant improvement in business performance and played an important role in the successful integration of M&G and Prudential UK. I would like to thank her for her contribution to the group's continued success."
Shares in Prudential were down 0.3% Friday at 1,765.50 pence each.
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