TIDMPRU
RNS Number : 7590M
Prudential PLC
25 May 2022
This announcement contains inside information
Prudential appoints Anil Wadhwani as new Group Chief
Executive
Prudential plc ("Prudential", the "Company" or the "Group")
announces the appointment of Anil Wadhwani as Group Chief Executive
Officer ("CEO"). Mr Wadhwani will join the Company from Manulife
where he was President & CEO, Manulife Asia.
Anil Wadhwani is a global financial services leader with more
than 30 years' experience, predominantly in Asia, combining
strategic vision and execution in some of the world's biggest
companies. Most recently, as CEO of Manulife's Asia region, he
successfully grew and transformed its diversified and multi-channel
business with significant market share gains in many key markets
and making it the company's largest source of core earnings. Mr
Wadhwani also has significant and proven digital experience, having
driven the modernisation of technology platforms across 13 markets
in Asia in his previous role.
Prior to this he spent 25 years with Citi in Asia Pacific,
Europe, the Middle East, Africa and the US, in a number of consumer
financial services roles. Mr Wadhwani was born in 1968 and educated
in Mumbai and has worked in Mumbai, Singapore, London, New York and
most recently for nearly five years in Hong Kong. He will be based
in Hong Kong, where he currently resides.
Mr Wadhwani will assume the role of CEO on 25 February 2023. His
appointment is subject to final regulatory approval. As required by
listing rules, remuneration details are shown in the Regulatory
Disclosures that follow this announcement.
Mark FitzPatrick, Interim Group CEO, will continue to lead the
business and will support Mr Wadhwani in his transition.
As set out in our 2021 Full Year results in March 2022, the
Group continues to focus on the delivery of its growth strategy
despite volatility in operating conditions. It will focus on the
quality of the business written, health and protection products and
the enhancement of its digitally-enabled multi-channel distribution
model and, in particular, the development of its agency and
bancassurance business.
The internal promotions of Mark FitzPatrick to Interim Group
CEO, James Turner to Chief Financial Officer and Avnish Kalra to
Chief Risk and Compliance Officer, demonstrate our bench-strength
and focus on operational delivery. The Group continues to benefit
from broad based and experienced local leadership teams who are
deep rooted in their markets. These teams will continue to build
capability to serve the Group's customers and enhance the Group's
franchise.
Prudential is also announcing that Nic Nicandrou, CEO, Asia and
Africa will be leaving in order to seek opportunities outside the
Group. With the announcement of the appointment of a permanent
Group CEO, the role of CEO, Asia and Africa will cease. The Board
would like to express its sincere gratitude to Mr Nicandrou for his
significant contribution and leadership over the past 13 years both
as Group CFO and as CEO of Asia and Africa, and wishes him every
success in his future career.
Shriti Vadera, Chair of Prudential, said: "The Board is
delighted to appoint Anil following our thorough succession process
and the move of the entire senior management team to Asia. He has a
wealth of experience, not just in insurance but as a
customer-centric people leader with a strong track record of
creating and driving a culture of success, that will help us meet
the needs of our customers in our chosen growth markets in Asia and
Africa.
"Over the course of 2021, we reshaped our business, and the
Board is confident that Anil will capture the significant
opportunities that we see ahead. Following his appointment, the
Group's leadership, lead regulator and its operations will be
geographically aligned."
Commenting on his appointment, Anil Wadhwani , said: "I am
honoured to have been appointed as the new CEO of Prudential.
Prudential is diversified across Asia and Africa, with a highly
successful business, a very powerful brand and leading market
positions in many of its key markets. I strongly believe in the
strength of its digitally enabled multi-channel distribution model.
Prudential is exclusively focussed on growth markets and has shown
great resilience and agility through the recent and ongoing Covid
pandemic. This strong performance is a real testament to all their
people, the quality of talent and the leadership team who I am very
much looking forward to working with. It will be a true privilege
to lead the business as it continues to serve customers and
communities, driving growth in Asia and Africa while delivering
value for the shareholders."
Regulatory Disclosures
Anil Wadhwani's appointment as Group Chief Executive is subject
to final regulatory approval from the Hong Kong Insurance
Authority.
Prudential is committed to full disclosure of the remuneration
of its Executives and further details will be provided at the
appropriate time. As required by the HKSE listing rules, a summary
of Mr Wadhwani's remuneration is provided.
Mr Wadhwani's annual salary will be HK$12,281,000 (USD of
$1.56m) (based on an exchange rate of USD; 7.8491HKD Bloomberg as
at 07:37 UK 25/05/2022). In line with our current remuneration
policy, he will have a maximum annual bonus opportunity of 200 per
cent of salary under the Annual Incentive Plan and will be required
to defer 40 per cent of any bonus awarded into Prudential shares
for three years. He will be eligible to receive an annual grant of
an award under Prudential's long-term incentive plan of up to 400
per cent of salary.
These opportunity levels are in line with the incentive
opportunities of the previous Group Chief Executive. Mr Wadhwani
will receive pension benefits at 13 per cent of salary, in line
with the employer pension contribution available to the UK
workforce, plus contributions into the Hong Kong Mandatory
Provident Fund.
Any awards and payments from his previous employer that Mr
Wadhwani forfeits as a consequence of joining Prudential will be
replaced on a like-for-like basis, with replacement awards and
payments released in accordance with the original vesting timeframe
attached to the forfeited awards and payments. Performance
conditions will apply where these were attached to the original
awards.
The Company may make use of UK Listing Rule 9.4.2 in order to
make these replacement awards, as provided for by the Directors'
remuneration policy. Mr Wadhwani will also receive compensation
equal to salary, pension and housing benefits forfeited during the
period between the end of his employment with Manulife and
commencement of his employment with the Group and reimbursement of
the cost to him of buying out his notice period with his current
employer in order to facilitate his move to Prudential.
Mr Wadhwani has not been appointed for a fixed term, but his
service contract contains a notice provision under which either
party may terminate upon 12 months' notice.
In order to reflect Mr FitzPatrick's service as Interim Group
Chief Executive, he will be made an additional 2022 PLTIP award,
aligning his total 2022 PLTIP award with that of the previous Group
Chief Executive (being 400% of his Interim Group Chief Executive
salary inclusive of the monthly supplement). The additional award
will be made with the same performance conditions and other terms
as the awards made to the Executive Directors in April 2022. The
award will vest after three years and will be subject to a further
two-year holding period, becoming available to Mr FitzPatrick in
2027. Fuller details of the additional award will be set out in the
2022 Directors' remuneration report.
Save as disclosed, 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 or
Rule 9.6.13 of the UK Listing Rules. There are no other matters
that need to be brought to the attention of shareholders of
Prudential.
Shareholding
Mr Wadhwani does not hold any interest in any shares of
Prudential within the meaning of Part XV of the Securities and
Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
S
Enquiries:
Media Investors/Analysts
Simon Kutner +44 (0)7581 023260 Patrick Bowes +44 (0)20 3977 9702
Ping Ping Tan +65 9845 8904 William Elderkin +44 (0)20 3977 9215
Darwin Lam + 852 2918 6348
Person responsible
The person responsible for arranging the release of this
announcement on behalf of Prudential plc is Tom Clarkson, Company
Secretary.
Notes to Editors:
About Prudential plc
Prudential plc provides life and health insurance and asset
management in Asia and Africa. The business helps people get the
most out of life, by making healthcare affordable and accessible
and by promoting financial inclusion. Prudential protects people's
wealth, helps them grow their assets, and empowers them to save for
their goals. The business has more than 18 million life customers
and is listed on stock exchanges in London (PRU), Hong Kong (2378),
Singapore (K6S) and New York (PUK). Prudential is not affiliated in
any manner with Prudential Financial, Inc. a company whose
principal place of business is in the United States of America, nor
with The Prudential Assurance Company Limited, a subsidiary of
M&G plc, a company incorporated in the United Kingdom.
https://www.prudentialplc.com/
About Anil Wadhwani
Anil Wadhwani, 53, has more than 30 years' financial services
experience, predominantly in Asia, combining strategic vision and
execution in some of the world's biggest companies. Most recently,
as CEO of Manulife's Asia region, over his five years in the role,
he successfully grew its multi-channel business and transformed its
highly diversified business with significant market share gains in
many key markets and making it its largest source of core
earnings.
Prior to this he spent 25 years with Citi in Asia Pacific,
Europe, the Middle East, Africa and the US, in a number of consumer
financial services roles. Mr Wadhwani was born in 1968 and educated
in Mumbai and has worked in Mumbai, Singapore, London, New York and
most recently for nearly five years in Hong Kong.
Photo available on request.
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