John Foley, group chief executive of M&G, is to retire after 22 years.
Foley will leave the firm once his successor has been found, M&G said in an announcement to the stock exchange today (April 27).
He joined Prudential in 2000 as deputy group treasurer, executed the merger of the company with M&G Investments and Prudential UK in 2017, and the subsequent demerger of the group from Prudential plc in 2019.
The board will begin a search for a new chief executive, led by Edward Braham, chairperson of the board and the nomination committee.
Foley said it had been a privilege to serve Prudential and M&G for the past 22 years.
“I am exceptionally proud of what M&G has achieved since becoming an independent listed company three years ago.
“We have delivered our demerger commitments despite extraordinary macro challenges, and are well-placed to leverage M&G's scale and expertise to build an international leader in savings and investments.
"As our recent results demonstrated, M&G has reached an inflection point and has strong momentum in its strategic progress.
“It is now a good time to begin the search for a new chief executive to lead M&G during the next phase of its development.”
Braham added Foley has led M&G through ‘significant change’ and overseen a successful demerger, while steering the group through the pandemic.
He said: "On behalf of the M&G board, I would like to thank John for his outstanding contribution to M&G and Prudential over the past 22 years, particularly since M&G became a public company.
“The business has performed strongly, returning £1.8bn to shareholders since listing in October 2019.
“The board and I look forward to continuing to work with John as we undertake the search for his successor."
sally.hickey@ft.com
