Prudential (LON:PRU) has appointed Just Eat (LON:JE) chair Mike Evans as chair of its M&G unit, Britain’s biggest insurer has said. The move comes as the company continues to prepare the demerger of the division.
Prudential’s share price has fallen deep into the red in today’s session, having given up 1.05 percent to 1,741.00p as of 13:34 BST. The stock is underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.15 percent lower at 7,499.03 points. The group’s shares have lost about 2.7 percent of their value over the past year, as compared with a near two-percent gain in the Footsie.
Mike Evans appointed as M&G chair
The Pru announced in a statement today that it had appointed Mike Evans as Chair of its M&G division in preparation for its planned demerger. Evans has 36 years of savings and investments experience and has served as chair of Hargreaves Lansdown (LON:HL). He is currently chair of online takeaway service Just Eat.
The company explained that his appointment marked the latest step in the planned demerger of M&G Prudential from Prudential Plc, which will result in two separately listed companies.
“I am pleased that Mike Evans has joined M&G Prudential as Chair,” the Pru’s chair Paul Manduca commented in the statement, adding that “his extensive boardroom experience and track record with UK listed businesses will be great assets during the demerger and when M&G Prudential becomes an independent company”.
Analysts on Britain’s biggest insurer
Morgan Stanley repeated its ‘overweight’ rating on the Pru last week, without specifying a price target on the shares. According to MarketBeat, the FTSE 100 insurer currently has a consensus ‘buy’ rating and an average price target of 2,168.94p.