17th Oct 2005 07:01
Prudential PLC17 October 2005 07.00 Monday 17th October 2005 Prudential plc announces the appointment of Nick Prettejohn to succeed Mark Woodas Chief Executive of UK Insurance Operations The Board of Prudential plc ("Prudential") announces the appointment of NickPrettejohn as Chief Executive of its UK Insurance Operations. Mark Wood will beleaving the company at the end of January after more than four years in the job.As is normal he will be leaving the Board with immediate effect. Nick Prettejohn, aged 45, who has announced his resignation as Chief Executiveat Lloyd's of London, will join the Prudential Board on 1st January 2005. Nick joined Lloyd's in 1995 and was appointed Chief Executive in 1999. While atLloyd's, Nick oversaw a programme of significant change to the strategy,supervision, processes and accounting system of the market, as well as leadingLloyd's response to the attacks of 9/11 and the Society's debut on theinternational capital markets last year. Prior to Lloyd's, Nick was a partner at management consultants Bain and Co and adirector at private equity company Apax Partners. He is a member of theFinancial Services Practitioner Panel. Mark Tucker, Group Chief Executive of Prudential, said: "Nick's background and experience mean that he is well suited to lead our UKInsurance Operations to the next stage in their development. He is widelyrespected in the industry and across the financial community. He has broad andrelevant experience of the financial services market and has a track record ofimplementing strategic change successfully and will bring a fresh, externalperspective to the business. I look forward to working with him at thisexciting time for the UK and the Group. "At the same time, I would like to extend the Board's thanks to Mark Wood forhis significant contribution over the last four years. Mark has overseen aperiod of huge transformation for the UK business, where we have improvedefficiency, broadened our product range and forged strong relationships indistribution. The business is in good health and we are delivering strong growthfor the benefit of our shareholders. We wish him well for the future." Nick Prettejohn said: "I am delighted to be joining Prudential at this exciting time in the Group'sdevelopment. There is huge potential for the business in the UK, and I lookforward to working with the Board and the management team to deliver strong,profitable growth." Mark Wood said: "Leading Prudential's UK operations during such a dramatic period of change hasbeen an immense and rewarding challenge. I would like to thank the excellentteam that has worked with me over the past four, exciting years. I wish Nickthe best of luck as he takes over the reins as I prepare for new challenges." Enquiries: Media Investors / analystsJon Bunn 020 7548 3559 James Matthews 020 7548 3561William Baldwin-Charles 020 7548 3719 Marina Novis 020 7548 3511Joanne Davidson 020 7548 3708 Notes to Editors Biography: Nick Prettejohn, 45, joined the Corporation of Lloyd's in 1995 as Head ofStrategy. He played a key role in the Reconstruction and Renewal (R&R) process,which reorganised Lloyd's after the losses of the late 1980s and early 1990s. Following the successful completion of R&R in 1996, Nick became ManagingDirector of Lloyd's Business Development Unit and in 1998 he also assumedresponsibility for Lloyd's North America business unit. He was appointed ChiefExecutive of Lloyd's in July 1999. Prior to joining Lloyd's, he was responsible for Corporate Strategy at NationalFreight Corporation plc, a major international logistics company. Nick began his business career in 1982 as a research associate with managementconsultants Bain and Company, becoming a manager in 1986 and partner in 1988.Between 1991 and 1994, he was a director of Apax Partners, a private equityfund. In 2004 Nick became an Honorary Fellow of the Chartered InsuranceInstitute. Nick was educated at Taunton School, Somerset, and Balliol College, Oxford,where he gained a first-class degree in philosophy, politics and economics. Hewas president of the Oxford Union Society in 1980. In November 2004 Nick was appointed a member of the Financial ServicesPractitioner Panel and in 2005 he was appointed a member of the Board ofTrustees of the Royal Opera House. Married in 1997 with two daughters, Nick's interests include opera (he isChairman of English Pocket Opera Company) and several sports, particularly golfand horse racing. *Prudential plc, a company incorporated and with its principal place of businessin the United Kingdom, and its affiliated companies constitute one of theworld's leading financial services groups. It provides insurance and financialservices directly and through its subsidiaries and affiliates throughout theworld. It has been in existence for over 150 years and has £187 billion inassets under management, (as at 31 December 2004). Prudential plc is notaffiliated in any manner with Prudential Financial, Inc, a company whoseprincipal place of business is in the United States of America. Forward-Looking Statements This statement may contain certain "forward-looking statements" with respect tocertain of Prudential's plans and its current goals and expectations relating toits future financial condition, performance, results, strategy and objectives.Statements containing the words "believes", "intends", "expects", "plans", "seeks" and "anticipates", and words of similar meaning, are forward-looking. Bytheir nature, all forward-looking statements involve risk and uncertaintybecause they relate to future events and circumstances which are beyondPrudential's control including among other things, UK domestic and globaleconomic and business conditions, market related risks such as fluctuations ininterest rates and exchange rates, and the performance of financial marketsgenerally; the policies and actions of regulatory authorities, the impact ofcompetition, inflation, and deflation; experience in particular with regard tomortality and morbidity trends, lapse rates and policy renewal rates; thetiming, impact and other uncertainties of future acquisitions or combinationswithin relevant industries; and the impact of changes in capital, solvency oraccounting standards, and tax and other legislation and regulations in thejurisdictions in which Prudential and its affiliates operate. This may forexample result in changes to assumptions used for determining results ofoperations or re-estimations of reserves for future policy benefits. As aresult, Prudential's actual future financial condition, performance and resultsmay differ materially from the plans, goals, and expectations set forth inPrudential's forward-looking statements. Prudential undertakes no obligation toupdate the forward-looking statements contained in this statement or any otherforward-looking statements it may make. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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