Posted inPeople Moves

Prudential group chief executive Mike Wells to retire

His successor will be based in Asia.
A multiple exposure of pedestrians on the move in an urban environment. A slow shutter speed on the camera helps to convey the sense of urgency as many of the people in the scene are blurred. A revolving door is a central object in the scene. A blue color scheme dominates the image.

Having led the transformation of Prudential into an Asia and Africa focused business, group chief executive Mike Well is to retire at the end of March 2022, reports our sister publication, International Adviser.

He joined Prudential in 1995 and stepped up to the top job in 2015, replacing Tidjane Thiam who left to become chief executive of Credit Suisse.

During his tenure, Wells executed two strategic demergers (Jackson and M&G) and accelerated the development of an Asian shareholder base through an equity issuance on the Hong Kong Stock Exchange.

This pivot towards Asia has been echoed in the Prudential board’s decision to conduct a search for a group chief executive to be based in the region.

Nic Nicandrou, chief executive of 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 chief executive of Asia and Africa since July 2017. He joined Prudential as group chief financial officer in 2009.

Not throwing his hat in the ring

The company is considering internal and external candidates for his successor.

But one person who has taken his name out of contention for the job is group chief financial officer and chief operating officer Mark FitzPatrick.

He will, however, take up the role on an interim basis and support the incoming group chief executive in completing the transition process, as required, before also stepping down from the business.

FitzPatrick remain available to the company as an adviser for a period.

He has been group chief financial officer of Prudential since 2017, taking on the additional role of chief operating officer in 2019.

People Moves

In two further appointments, with effect from the end of March 2022, James Turner, group chief risk & compliance officer will succeed FitzPatrick as group chief financial officer.

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.

Part of the Mark Allen Group.