02 Jul 2009
Rob Devey appointed as Chief Executive, Prudential UK and Europe, and to the Board of Prudential plc to succeed Nick Prettejohn
Prudential plc ("Prudential") announces the appointment of Rob Devey as Chief Executive, Prudential UK and Europe and to the Board of Prudential plc. Rob Devey will succeed Nick Prettejohn who will leave the Group in September 2009.
Rob Devey will join Prudential from Lloyds Banking Group where he has worked since 2002 in a number of senior leadership roles across insurance and retail banking including as Managing Director, Direct Channels UK Retail Banking, Managing Director of HBOS Financial Services and Managing Director of HBOS General Insurance. Prior to joining HBOS, Rob Devey was a consultant with the Boston Consulting Group (BCG) in both Europe and the US working in financial services. Rob will join Prudential at a date to be confirmed and he will succeed Nick Prettejohn, currently Chief Executive, Prudential UK and Europe, who has decided to leave the Group in September 2009.
Commenting Mark Tucker, Group Chief Executive of Prudential plc, says:
"I am pleased to announce the appointment of Rob Devey as successor to Nick Prettejohn. Rob has clearly demonstrated his capability in complex leadership roles and I look forward to welcoming him to the Group. I am very sorry to see Nick Prettejohn leave Prudential and want to thank him for his outstanding contribution in developing and implementing a highly effective strategy that has dramatically improved the performance and profitability of the UK business. Nick leaves a strong legacy and he should be proud of his achievements in transforming the UK business."
Commenting Tidjane Thiam, Chief Financial Officer and Group Chief Executive Designate of Prudential plc, says:
"I am delighted that Rob Devey will be joining Prudential and that the Group can attract such an obviously talented executive. He is a proven talent in leading large and complex insurance and banking businesses and will add significantly to our Group management strength. I greatly look forward to working with him. I am very sorry that Nick Prettejohn has decided to leave the Group, where he has made an outstanding contribution and want to wish him well with his next challenge."
Commenting Rob Devey, says:
"I greatly look forward to joining Prudential at this exciting time in its development. The Group is ideally placed in both the UK and international markets to continue its strong performance. I have been particularly impressed by the quality of its leadership, its customer focus, and its values and heritage that will underpin future success. The UK business is in a strong position and continues to gain profitable market share and I want to thank Nick Prettejohn for leaving such a good legacy for me to take forward."
Commenting Nick Prettejohn, Chief Executive, Prudential UK and Europe, says:
"The UK business now has a much clearer sense of purpose and momentum and I want to thank the Group Chief Executive, the UK leadership team and all the employees of the UK business for helping drive the transformation of the business during the past three and a half years."
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Notes to Editors:
Rob Devey Remuneration Details:
Prudential is committed to full disclosure of the remuneration of its Executives. Rob Devey's basic salary will be £550,000. His annual bonus has a maximum potential of 160% of base salary, of which 40% is deferred. LTIP awards are 200% of base salary. This is placed in line with FTSE50 best practice.
About Prudential plc
Prudential plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for over 160 years and has £249 billion in assets under management (as at 31 December 2008). Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.
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