Prudential Plc, the U.K.’s largest insurer by market value, appointed Penny James as chief risk officer, replacing John Foley.
James, who starts on Sept. 1, was previously director of group finance, Prudential said in a statement on Monday. Foley, who took on the role temporarily after Pierre-Olivier Bouee’s departure, retains his role as group investment director.
Chief Executive Officer Mike Wells, who replaced Tidjane Thiam in June, is seeking to continue his predecessor’s strategy of driving growth from Asia, while implementing more stringent global capital rules for the industry known as Solvency II.
“At Prudential, we are privileged to have both strength and depth in our leadership team,” Wells said in the statement. James has “demonstrated a capacity for insightful analysis and counsel, as well as highly effective leadership,” he said.
James, 45, joined the company in 2011 and previously worked as a chartered accountant at Coopers & Lybrand, before joining Zurich Financial Services, where she became chief financial officer of U.K. general insurance.
James will earn a basic salary of 600,000 pounds ($928,000) and will be eligible for a bonus of as much as 160 percent of the base salary. Long-term incentive awards will be 250 percent of base.
Prudential is due to report half-year earnings on Tuesday.