Anne Richards is resigning from her role as chief executive of M&G Investments and from the Prudential plc board as part of leadership changes ahead of the business’s planned demerger from Prudential.
Richards, who will leave on 10 August following the group’s half year results is going to become chief executive of Fidelity International.
Clare Bousfield will become chief financial officer of M&G Prudential, the business formed in 2017 through a combination of M&G Investments and Prudential’s UK and European life business.
The changes are aimed to allow M&G Prudential to operate as a separate business.
John Foley, chief executive of M&G Prudential, will take on the additional responsibilities of becoming chief executive of the key regulated entities of M&G and Prudential UK.
Foley said: “These changes simplify the way we make decisions, improve accountability and align management capabilities with M&G Prudential’s future needs as an independent listed business.
“I would like to thank Anne for her important contribution to M&G during a period of significant change. She leaves the business well positioned, with great performance for clients, strong positive asset flows and profitable growth for shareholders.
“I am delighted that Clare has agreed to step up to the role of chief financial officer. This is a crucial position combining financial control, strategy and managing relationships with the financial markets.”
Paul Manduca, chairman of Prudential plc, said: “Anne has made an important contribution to the Prudential plc Board during her time with the Group, and M&G has delivered strongly for all stakeholders under her leadership. We wish her all the very best in the next stage of her career.”
Mike Wells, group chief executive of Prudential plc, said: “These management changes will help M&G Prudential to deliver better outcomes as a separate listed company.
“Anne has driven a significant improvement in business performance and played an important role in the successful integration of M&G and Prudential UK. I would like to thank her for her contribution to the Group’s continued success.”
Anne Richards said: “It has been a pleasure and privilege to work with colleagues so dedicated to delivering great outcomes for clients and customers. I know that M&G Prudential will continue to go from strength to strength.”