31st Jan 2006 09:01
Prudential PLC31 January 2006 Embargo: 9.01am 31 January 2006 Appointment of Mark Nancarrow as Chief Executive of Egg and Kieran Coleman asChief Financial Officer. The Board of Prudential plc ("Prudential") notes the announcement made today byEgg plc concerning the departure of Paul Gratton, Egg Chief Executive, witheffect from 20 February and the appointments, with immediate effect, of MarkNancarrow as Chief Executive and Kieran Coleman as Chief Financial Officer. Paul is committed to effect a comprehensive handover as well as completing thedelisting process. Nick Prettejohn, Chief Executive of Prudential's UK Insurance Operations, willhave Prudential plc Board responsibility for the Egg Group and will also jointhe Egg Board. Mark Nancarrow, 45, became Egg's CFO in May 2005 having previously served as theEgg Group Managing Director of Banking, from October 1999 and, since 2000, asEgg's Chief Operations Officer. Prior to joining Egg in 1998, Mark held seniorpositions at Midland Bank and Watson Wyatt Partners. Kieran Coleman, 36, has been Finance Director of Egg since October 2004.Previously he was Group Financial Controller and Head of Investor Relationsfollowing Egg's IPO in 2000. Prior to joining Egg in 1996, he worked withArthur Andersen in Dublin. He becomes Chief Financial Officer with immediateeffect and joins the Board of Egg plc. Mark Tucker, Group Chief Executive of Prudential, said: "Mark's background and experience mean that he is well suited to lead Egg to thenext stage in its development at this exciting time. Kieran has been animportant part of the Egg team from its earliest days. They will both work withNick to accelerate the capture of revenue opportunities and cost savings as ourUK businesses work more closely together following the recent minority sharebuyback. "At the same time, I would like to extend Prudential's thanks to Paul Grattonfor his significant contribution since joining Prudential Banking in 1996. Paulhas led Egg through a period of huge transformation to build an innovative,thriving and profitable online business. We wish him well for the future." Mark Nancarrow said: "I am delighted to take on the Chief Executive role at this exciting time inEgg's development. There is huge potential for Egg and Prudential's UKbusinesses through greater collaboration, as Prudential builds its offering inretail financial services. I am looking forward to working with Nick and the UKmanagement team to deliver strong, profitable growth." Paul Gratton said: "Building Egg to become the successful business it is today has been an immenseand rewarding challenge. However, with the acquisition of the minority and theproposed delisting of Egg presents an opportunity for Egg to have someone new atthe helm. "I would like to thank the excellent team that has worked with me over the pastten, exciting years and also all Egg People who have shown unstinting loyalty tome and the company in particular during the uncertainty of Egg's future over thepast two years. Mark has been an integral part of Egg's success over the lasteight years and has a great grasp of the business and its potential and I wishhim every success as he takes over the reins." - ENDS - Enquiries: Media Investors / analystsJon Bunn 020 7548 3559 James Matthews 020 7548 3561William Baldwin-Charles 020 7548 3719 Marina Novis 020 7548 3511 Notes to Editors 1. Biographies: Mark Nancarrow Mark Nancarrow became Egg's Chief Financial Officer in May 2005 having beenEgg's Chief Operations Officer, accountable for its UK business, since 2000. Heserved as the Egg Group Managing Director of Banking, from October 1999. Priorto joining Egg in 1998, Mark held senior positions at Midland Bank and WatsonWyatt Partners. He holds a Degree in Law and Accountancy from CardiffUniversity. Kieran Coleman Kieran joined Prudential Banking plc in June 1996 and was appointed FinancialController in January 1997. He successfully led the team working on the Egg IPOin June 2000 following which he became Group Financial Controller and Head ofInvestor Relations. In October 2004 Kieran was appointed Egg's FinanceDirector. Prior to joining Prudential he worked for Arthur Andersen in Dublin. 2. Egg Prudential announced on 1 December 2005 the terms of a recommended offer for thewhole of the issued and to be issued shares of Egg not already owned byPrudential Group, representing approximately 21.7 per cent of the existingissued share capital of Egg. On 23 January 2006, Prudential announced that the Group's share ownership of Egghad risen to 95.7 per cent of the entire issued ordinary share capital and thatit had applied to delist Egg from 20 February 2006. *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 £214 billion inassets under management, (as at 30 June 2005). 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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