21st Oct 2015 14:59
LONDON (Alliance News) - Prudential PLC on Wednesday said that Jackie Hunt, who has led the life insurer's UK & Europe operations for just over two years, has departed with immediate effect, a move that continues a series of boardroom changes since Mike Wells became group chief executive.
Group Chief Executive Mike Wells said that Hunt leaves the company's UK life business in "a strong position to continue to meet our customers' long-term savings and retirement needs while delivering valuable returns for our shareholders." The UK operations generated GBP752 million of the group's GBP3.23 billion long-term business operating profit in 2014, a 7% increase on the unit's prior year performance.
Hunt, whose remuneration amounted to GBP3.4 million in 2014, was in charge of Prudential's UK operations at a time of big change in pensions rules in the country, as the Conservative government has sought increase the flexibility given to savers and those in retirement.
Wells, who previously led Prudential's North American operations, replaced Tidjane Thiam in June, as his former boss opted to take the top job at Swiss bank Credit Suisse.
There have been other changes at the top since Wells became group chief executive.
Barry Stowe, previously the chief executive of Prudential Corp Asia, took over from Wells at the group's North American business unit, and in doing so retained his place on the company's board.
Stowe was succeeded by Tony Wilkey, who previously led Insurance at Prudential Corporation Asia. Wilkey joined the group's board of directors following the promotion.
In September, Penny James was promoted to the position of group chief risk officer, when she joined the company's board, having previously served as the company's director of group finance.
In addition, Lord Turner, the former chairman of the UK's Financial Services Authority, and David Law, the former global leader of audit firm PwC's insurance practice, became non-executive directors on September 15.
Hunt, who began leading Prudential's UK & Europe operations in September 2013, joined from Standard Life PLC, a rival life insurance company and investment manager also in the FTSE 100, where she was chief financial officer.
Prudential named John Foley, its group investment director, as Hunt's replacement until a permanent successor can be found.
Foley has previous experience of filling in the absence of a permanent member of the board. The group investment director acted as Prudential's group chief risk officer between July and Penny James's appointment in September, as a result of Pierre-Olivier Bouée's departure.
Foley knows the group chief risk officer role well, having served in the position from January 2011 until August 2013, when Bouée assumed the role and Foley took on the newly created role of group investment director.
Shares in Prudential were down 0.9% at 1,496.18 pence on Wednesday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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