Prudential Plc Names Wells, Davies, Manduca as Directors in Board Revamp
Prudential Plc, the U.K.’s biggest insurer, promoted Mike Wells to chief executive officer of its U.S. division and appointed two new non-executive directors as it reorganizes the board after a failed takeover bid in Asia.
Wells, 50, has been chief operating officer of Jackson National Life Insurance Co. for the last nine years and will replace Clark Manning, who will leave the company at the end of the year, London-based Prudential said today in a statement.
Paul Manduca, 58, will replace James Ross as the company’s senior independent director and Howard Davies, a 59-year-old director of the London School of Economics, also joins as a non- executive. Manduca is currently a senior independent director at WM Morrison Supermarkets Plc.
Prudential is reorganizing its board after its failure to buy American International Group Inc.’s Asian division for $35.5 billion sparked an investor rebellion and cost the company 284 million pounds ($457 million) in fees earlier this year. Some of Prudential’s biggest investors called for CEO Tidjane Thiam to resign following the collapse of the deal.
Prudential dropped 6 pence, or 1 percent, to 613 pence at 1:22 p.m. in London trading, valuing the firm at about 15.6 billion pounds.
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