Prudential share price: Company unveils senior management changes
Prudential Plc (LON:PRU) has appointed a new head of its North American operations with Mike Wells taking over as group chief executive. The company has also announced a management change at its Asian business. The management changes follow the departure of the company’s former chief executive Tidjane Thiam.
Prudential’s share price has slipped marginally into the red in afternoon trade, having lost 0.86 percent to 1,613.00p as of 12:51 BST. The shares are underperforming the broader market with the benchmark FTSE 100 index having inched into positive territory. Prudential’s shares have added some 16 percent over the past year.
The Pru announced in a statement today that it had appointed Barry Stowe as chair and chief executive officer of its North American business. Stowe, who was previously Chief Executive of Prudential Corporation Asia, succeeds Mike Wells, who today takes over as Group Chief Executive. The FTSE 100 insurer announced Wells’ appointment last month, replacing Tidjane Thiam who left the London-listed group to take the top job at Credit Suisse.
The Pru explained in today’s statement that Stowe will remain on the company’s board, and that he will be succeeded by Tony Wilkey at the top of Prudential Asia who will join Prudential’s board.
“At Prudential, we are privileged to have a leadership team with both strength and depth. Today’s appointments demonstrate this, Wells commented in the statement. “Barry has played a huge role in the remarkable success of our Asian operations and I am sure that under his leadership, our North American businesses will continue to strengthen.”
“The Board takes succession planning very seriously and today’s appointments are clear evidence of this process working well,” Prudential’s chair Paul Manduca added. The FTSE 100 company noted that all changes are effective from today.
As of 08:24 BST, Tuesday, 02 June, Prudential plc share price is 1,611.50p.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.