Prudential Group CEO Mike Wells will be stepping down.
Wells will resign from his role at the end of March 2022. He joined the Group in 1995 and became CEO in 2015.
Mark FitzPatrick, the current Group CFO and COO will serve as temporary Group CEO. He will assist the future Group CEO with the transfer. Fitzpatrick will then leave the board of directors and become a consultant to the company.
Prudential chair Shriti Vadera says: “I would like to thank Mike for his outstanding contribution to Prudential over the last 26 years, and particularly as CEO for the last seven years. He has led the Group through one of the most significant periods of change in its 174-year history. He has overseen two strategic demergers and a successful equity raise on the Hong Kong Stock Exchange, whilst steering the Group through the unprecedented events of the pandemic. The board and I wish him every success in the future.
Given Prudential’s focus on the growth markets of Asia and Africa, the board has decided with this managed transition of the leadership structure, that the roles of the Group CEO and the Group CFO will be based in Asia, where Prudential’s largest businesses, the Group regulator and the rest of the senior management team are located. With the strategic positioning of the Group complete, it can now take the next steps in the simplification of its management and operational model. We have a depth of talent and experience in the executive team under whose leadership the Group will continue to deliver on its strategy.”
Wells says: “It has been a privilege to serve Prudential for the last 26 years. Having led the transformation of the Group into an Asia and Africa-focused life and health insurer now is the right time for me to hand over to an Asian-based team to take the company forward. I am grateful to have had the opportunity to work with the staff and Board of Prudential during my tenure.
I look forward to presenting the Group’s 2021 Results on 9 March 2022 and to meeting our shareholders in the weeks that follow to update them on the progress made in the delivery on our strategy. As I said last year, we are confident that the demand for our products will continue to grow in line with the structural growth in our chosen markets, and that we are well placed to meet this demand. Prudential has an enviable brand, great products, a compelling multi-channel distribution model, and talented people. I look forward to watching the further success of the Group’s development.”