Prudential seeks Asia-based CEO as Mike Wells quits

Prudential is looking for a new boss after Chief Executive Mike Wells announced his departure after seven years leading the FTSE 100 insurer.

The company said Wells's replacement would be based in Asia after he refocused the business on that region and Africa. It is considering internal and external candidates.

Wells will present Prudential's annual results on 9 March and leave at the end of that month. As CEO he oversaw the shedding of Prudential's British roots in favour of fast-growing Asian and African markets by demerging M&G in 2019 and the Jackson US business in 2021.

Mark FitzPatrick, chief financial officer and chief operating officer, will stand in as CEO when Wells leaves. FitzPatrick has ruled himself out of the running to be CEO and will leave the company after a new boss has bedded in.

Nic Nicandrou, Asia and Africa CEO, is based in Asia and is likely to be a leading candidate for the group CEO role. Chief Risk Officer James Turner will become CFO, based in Asia, and Avnish Kalra, risk chief for Asia and Africa, will replace Turner.

Shriti Vadera, Prudential's chair, said: "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."

Prudential shares rose 1.3% to £12.53 at 09:17 GMT.

Wells will remain formally employed by Prudential until February 2023. He will not be paid for loss of office.

He said: "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."