10 Mar 2015
Tidjane Thiam to step down
Successor to be announced shortly
Prudential plc today announces that Tidjane Thiam, Group Chief Executive, has informed the Board of his intention to step down this year from his role as CEO and from the Board. Mr Thiam has agreed to join Credit Suisse as CEO.
Paul Manduca, Chairman of Prudential, said: "Tidjane has been one of the most exceptional leaders in Prudential's long and illustrious history. From leading the group through the financial crisis at the end of the last decade, first as CFO and then as CEO, to shaping an Asia-focused strategy that has seen Prudential grow into an ever more successful UK-based financial services business, he has been a great servant to the company and all its stakeholders in his seven years on our Board.
"Although the Board will be sorry to see him go, we understand his desire to take on a new challenge with another global leader in a different part of the financial services sector, headquartered in Switzerland, and we wish him every success in his new role.
"As would be expected of a FTSE 100 company, the Board is always focused on succession planning and a process has already examined a range of external and internal candidates. We are fortunate to have a very strong management team across the Group and we have identified a successor and expect to be able to announce a new CEO once the regulatory approval process has been completed."
Tidjane Thiam said: "It has been a privilege and a pleasure to lead one of the iconic companies in UK financial services. We have successfully navigated some challenging times, including the global financial crisis, and have emerged with four profitable and strongly cash-generative businesses.
"Prudential in Asia has more than doubled in size and profitability since 2009 and is a clear leader in insurance in the world's most populous and dynamic region. In the US, Jackson National Life has become market leader in variable annuities while diversifying its product mix and remitting substantial cash to the Group.
"Our traditional UK life business has performed robustly, while M&G has grown into one of the largest and most successful asset managers in Europe.
"All of that has been achieved as a result of the dedication and teamwork of the Group leadership and our talented people around the world and it has been an honour to lead them. There are no words that could adequately express my gratitude to Prudential's people.
"In the meantime, I will maintain my focus on ensuring Prudential remains in good shape and I look forward to presenting our 2015 Q1 results in May and attending my final AGM as CEO shortly thereafter."
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Notes to Editors:
About Tidjane Thiam
Tidjane Thiam is Group Chief Executive of Prudential plc, Britain's largest publicly traded insurance company, with substantial businesses in Asia, the US and the UK.
Tidjane began his career with McKinsey in Paris and New York before returning to his native Côte d'Ivoire, where he was the cabinet minister in charge of the country's economic development.
Returning to France, he became a partner with McKinsey before joining British insurance company Aviva in 2002. He came to Prudential as CFO in 2008, becoming CEO in 2009.
Tidjane is an independent non-executive director of 21st Century Fox, the US-based media and entertainment group. He is on the Council of the Overseas Development Institute, the Africa Progress Panel chaired by Kofi Annan, the UK-ASEAN Business Council and the Strategic Advisory Group on UK Trade and Investment.
He is a member of the British Prime Minister's Business Advisory Group, was Chairman of the Association of British Insurers from 2012 to 2014 and was appointed Chairman of the G20 High Level Panel for Infrastructure Investment in 2011. He is a Chevalier of the French Légion d'Honneur.
Save as disclosed above, there is no further information required to be disclosed pursuant to Rule 13.51(2) of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited. Mr. Thiam has confirmed that there are no other matters that need to be brought to the attention of shareholders of Prudential.
This document may contain ‘forward-looking statements' with respect to certain of Prudential's plans and its goals and expectations relating to its future financial condition, performance, results, strategy and objectives. Statements that are not historical facts, including statements about Prudential's beliefs and expectations and including, without limitation, statements containing the words ‘may', ‘will', ‘should', ‘continue', ‘aims', ‘estimates', ‘projects', ‘believes', ‘intends', ‘expects', ‘plans', ‘seeks' and ‘anticipates', and words of similar meaning, are forward-looking statements. These statements are based on plans, estimates and projections as at the time they are made, and therefore undue reliance should not be placed on them. By their nature, all forward-looking statements involve risk and uncertainty. A number of important factors could cause Prudential's actual future financial condition or performance or other indicated results to differ materially from those indicated in any forward-looking statement. Such factors include, but are not limited to, future market conditions, including fluctuations in interest rates and exchange rates and the potential for a sustained low-interest rate environment, and the performance of financial markets generally; the policies and actions of regulatory authorities, including, for example, new government initiatives related to the financial crisis and the effect of the European Union's ‘Solvency II' requirements on Prudential's capital maintenance requirements; the impact of continuing designation as a global systemically important insurer; the impact of competition, economic growth, inflation, and deflation; experience in particular with regard to mortality and morbidity trends, lapse rates and policy renewal rates; the timing, impact and other uncertainties of future acquisitions or combinations within relevant industries; the impact of changes in capital, solvency standards, accounting standards or relevant regulatory frameworks, and tax and other legislation and regulations in the jurisdictions in which Prudential and its affiliates operate; and the impact of legal actions and disputes. These and other important factors may for example result in changes to assumptions used for determining results of operations or re-estimations of reserves for future policy benefits. Further discussion of these and other important factors that could cause Prudential's actual future financial condition or performance or other indicated results to differ, possibly materially, from those anticipated in Prudential's forward-looking statements can be found under the ‘Risk Factors' heading in its most recent annual report and the ‘Risk Factors' heading of Prudential's most recent annual report on Form 20F filed with the US Securities and Exchange Commission.
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