Prudential has appointed former Citi banker Anil Wadhwani as chief govt, because the life insurer deepens its concentrate on Asia.
Wadhwani, a 53-year-old Indian and head of the Asia enterprise for the Toronto-based insurance coverage group Manulife, would be the first Asia-based chief of the insurance coverage group, which has undergone radical transformation in recent times.
Prudential has joint headquarters and first listings in London — the place it’s the largest listed insurance coverage firm, with a near-£30bn market worth — and Hong Kong and is now solely targeted on insurance coverage markets in Asia and Africa.
Wadhwani will take up the function in February 2023, topic to regulatory approval, and will probably be based mostly in Hong Kong, the place he lives.
Prudential’s new CEO has beforehand labored in monetary hubs together with Singapore, London and New York.
The group introduced earlier this 12 months that Mike Wells could be stepping down as chief govt, to get replaced on an interim foundation by finance chief Mark FitzPatrick.
The corporate had beforehand recommended that coronavirus-related restrictions may power its subsequent boss to start the function exterior Hong Kong. Among the metropolis’s journey restrictions have since eased.
Wadhwani will probably be paid an annual wage of about $1.6mn and will obtain as a lot as double that in bonuses.
Prudential chair Baroness Shriti Vadera stated Wadhwani, who has headed Manulife’s Asia enterprise for nearly 5 years, had a “wealth of expertise, not simply in insurance coverage however as a customer-centric individuals chief with a robust monitor file of making and driving a tradition of success”.
Jefferies analysts stated they have been “considerably upset by the prolonged transition interval”.
Prudential’s shares have been down 2.5 per cent in early afternoon buying and selling, towards a flat FTSE 100.
Nic Nicandrou, Prudential’s head of Asia and Africa and extensively seen because the main inside candidate for the job, will “be leaving as a way to search alternatives exterior the group”, Prudential stated. His function will probably be scrapped.
FitzPatrick, who had dominated himself out of the operating for the highest job, will proceed to guide the group and assist the transition.
Prudential, which offloaded UK and US companies in recent times, has confronted questions over whether or not it would preserve its London domicile.
It has beforehand come beneath stress from activist investor Third Level to ditch the UK base. It continues to rebalance staffing ranges between the UK capital and Hong Kong, with lower than 200 London-based workers.
Manulife stated that Damien Inexperienced, the top of its Hong Kong enterprise, would change Wadhwani as its Asia head, as a part of a reshuffle that additionally sees Michael Doughty step down as head of its Canada enterprise after greater than 30 years on the group.