Prudential names new Chairman to replace McGrath

Insurance and financial services group Prudential has named Paul Manduca as its incoming Chairman when Harvey McGrath leaves on July 2nd.

Manduca, who has been an independent non-executive director of Prudential since October 2010, became a senior independent director in January 2011.

He founded Threadneedle Asset Management Limited in 1994, and has acted as Chief Executive of both Rothschild Asset Management and Deutsche Asset Management. Currently, he is the Chairman of Aon UK and will step down from his position as soon as possible "and reduce his other commitments in order to make Prudential his principal focus."

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"Prudential is a renowned financial institution with a track record of strong delivery. The company has generated significant returns for shareholders under the leadership of Tidjane Thiam, in spite of significant macroeconomic headwinds. Our strong financial performance, exposure to fast-growing emerging markets and our proactive and prudent risk management clearly set us apart from our competitors," Manduca said in a company statement on Monday.

Meanwhile, Thiam (Prudential's Chief Executive Officer, said: "I am delighted that Paul has accepted the position of Chairman of Prudential plc and very much look forward to working with him. His talents, abilities and judgement will be great assets."

Shares were down 0.44% at 680.5p by 15:23.

BC