05 Sep 2002

Prudential plc appoints new Chairman

Following a Board meeting earlier today, Prudential plc announces the appointment of David Clementi as Chairman with effect from 1 December 2002. Mr Clementi, who was a Deputy Governor of the Bank of England until 31 August, succeeds Sir Roger Hurn who will step down from the Board at the end of November.

Commenting on David Clementi's appointment, Sir Roger Hurn said: “I am delighted that David Clementi has agreed to succeed me as Chairman. Prudential is an outstanding company and I am confident that David's wealth of experience, combined with the excellent leadership of Jonathan Bloomer, will provide a uniquely qualified team for the future.”

David Clementi added: “I am delighted to be joining Prudential. The company is a leading international financial services group and I am very much looking forward to contributing to its continued growth and development.”

Jonathan Bloomer, Group Chief Executive of Prudential, said: “Sir Roger has played an important and valuable role in the company and I would like to thank him for the tremendous support, advice and guidance he has given me during the time we have worked together.

“I am very much looking forward to working with David Clementi as we continue to develop and deliver our strategy.”

ENDS

Enquiries to:
Media  Investors/Analysts  
Geraldine Davies 020 7548 3911 Rebecca Burrows 020 7548 3537
Steve Colton 020 7548 3721    

Notes to Editors:-

  1. David Clementi was a Deputy Governor of the Bank of England from 1 September 1997 to 31 August 2002. In addition to his membership of the Monetary Policy Committee, David was responsible for the day-to-day management of the Bank and had specific responsibility for the Bank's work on Financial Stability issues.

    Before joining the Bank, David Clementi worked at Kleinwort Benson for 22 years, including as Chief Executive (from January 1994) and subsequently Vice Chairman (May 1997). He was head of the Equities Division (1987–1989) and head of the Corporate Finance Division (1989–1993). While at Kleinwort Benson, David played a leading role in the UK privatisation programme, including advising HM Government on the privatisation in 1984 of British Telecom, the first global equity issue, and the privatisation in 1991 of the Electricity Industry.

    David graduated from Oxford University and qualified as a Chartered Accountant. He then spent two years at Harvard Business School obtaining an MBA. David was a director of the Financial Services Authority and the Accountancy Foundation until 31 August 2002. He is an Honorary Fellow of Lincoln College, Oxford.

    David is aged 53. He is married with two children.

  2. Photographs of David Clementi are available at www.newscast.co.uk .

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