Prudential plc is pleased to announce the appointment of Paul Manduca as Chairman. Mr Manduca will assume the position on 2 July 2012, succeeding Harvey McGrath. Mr Manduca brings considerable expertise and proven leadership experience to his new role as Chairman. He has been an independent non-executive director of Prudential since October 2010, becoming Senior Independent Director in January 2011.
Mr Manduca has had a long and distinguished career in the international financial services industry, having founded Threadneedle Asset Management Limited in 1994, and has acted as Chief Executive of both Rothschild Asset Management and Deutsche Asset Management. He will step down from his position as Chairman of Aon UK Limited as soon as possible and reduce his other commitments in order to make Prudential his principal focus.
Mr Manduca said: "Prudential is a renowned financial institution with a track record of strong delivery. The company has generated significant returns for shareholders under the leadership of Tidjane Thiam, in spite of significant macroeconomic headwinds. Our strong financial performance, exposure to fast-growing emerging markets and our proactive and prudent risk management clearly set us apart from our competitors. I would also like to thank Harvey McGrath for his stewardship over the last three and a half years. I am truly excited about the future and am looking forward to working with Tidjane to lead Prudential towards continued commercial and financial success."
Lord Turnbull, who led the Nomination Committee process to appoint the new chairman after the Board asked Mr Manduca to be a candidate, said: "I am delighted at the appointment of Paul Manduca. During the year and a half since he joined the Prudential Board, Paul has demonstrated tremendous leadership skills, which combined with his extensive financial experience and sound judgement make him an excellent Chairman for Prudential and I greatly look forward to working with him in his capacity as Chairman."
Mr McGrath, outgoing Chairman of Prudential plc, commented: "I am very pleased that Paul is to succeed me as Chairman of Prudential. I am confident that he will lead the Board and support Tidjane very effectively, and I am pleased to be leaving the business in such good shape to face the challenges and opportunities that lie ahead. It has been an honour and a privilege to serve as Chairman of this great institution over the last three and a half years."
Tidjane Thiam, Group Chief Executive of Prudential plc, said: "I am delighted that Paul has accepted the position of Chairman of Prudential plc and very much look forward to working with him. His talents, abilities and judgement will be great assets. I would like to thank Harvey for all he has done for this company. Throughout his time as Chairman, Harvey has led this Board with integrity, determination and courage and I wish him well for the next stage of his long and successful career."
Mr Manduca’s appointment has been approved by the Financial Services Authority. The appointment of a new Senior Independent Director will be announced in due course.
|
