Prudential Group Chief Executive Officer Mike Wells will be retiring from his role at the end of March 2022, the insurance company announced.
He became Group CEO in 2015, having first joined the Group in 1995. Wells executed two strategic demergers and accelerated the development of an Asian shareholder base through a successful equity issuance on the Hong Kong Stock Exchange.
The Board is conducting a search for a Group CEO to be based in Asia to succeed Wells, which includes both internal and external candidates.
Mark FitzPatrick, currently Group CFO and COO, will become Interim Group CEO when Wells steps down. In addition to leading the Group and continuing as COO, he will assist the incoming Group CEO in completing the transition process, as required. Thereafter he will step down from the Board and remain available to the Company as an adviser for a period.
FitzPatrick has been Group CFO of Prudential since 2017, taking on the additional role of COO in 2019.
Nic Nicandrou, CEO Asia and Africa, remains responsible for leading all of Prudential’s life insurance and asset management businesses across Asia and Africa and will continue to focus on their operational performance. Nicandrou is based in Asia and has been CEO Asia and Africa since July 2017. He joined Prudential as Group CFO in 2009.
The Board has also announced that it will make two further appointments, with effect from the end of March 2022. James Turner, Group Chief Risk & Compliance Officer will become the Group CFO succeeding FitzPatrick. He joined Prudential in 2010, becoming Director of Group Finance in 2015. He became Group Chief Risk Officer and joined the Board in 2018. Avnish Kalra, Chief Risk Officer for the Group’s Asian and African businesses since 2018, will succeed Turner as Group Chief Risk & Compliance Officer and will join the Group Executive Committee. Turner and Kalra will both continue to be based in Hong Kong.