Prudential boss to retire with replacement to be based in Asia

Insurance giant Prudential has said boss Mike Wells will retire at the end of March after seven years in the role, with his replacement set to be based in Asia.

Chief finance officer and chief operating officer Mark FitzPatrick will replace Mr Wells as chief executive on an interim basis, but has asked not to be considered as a permanent successor.

Mr FitzPatrick will stand down from the firm after helping with a handover process for the incoming chief executive, once appointed.

James Turner, group chief risk and compliance officer, will replace Mr FitzPatrick as finance boss from the end of March.

Prudential said the incoming two top bosses will be based in Asia, where Prudential’s largest businesses, the group regulator and the rest of the senior management team are located.

It confirmed there are no plans to close its head office in London despite the move.

Mr Wells said: “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.”

Prudential chairwoman Shriti Vadera said: “I would like to thank Mike for his outstanding contribution to Prudential over the last 26 years, and particularly as chief executive 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.”

Prudential has shifted its focus solely on to faster-growing markets in Asia and Africa, having sold off its UK and US arms.

It completed the sale of US-based Jackson Financial last September.

In 2019 Prudential demerged its UK unit, M&G, but kept a head office in London.

It is dual listed in London and Hong Kong.