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(Alliance News) - M&G PLC on Thursday named Andrea Rossi as its new chief executive officer, effective on October 10.
The FTSE 100-listed London-based investment manager said Rossi will succeed John Foley, who steps down after seven years in post. Foley will remain at M&G in an advisory capacity until December 31.
Foley's retirement from the role was announced in April. M&G said at the time that Foley would remain until a replacement was found.
Rossi was formerly CEO of global investment management firm AXA Investment Managers, and spent six years on the executive committee of parent AXA SA.
"Most recently, Andrea has been a senior adviser to Boston Consulting Group. He will step down from this role following his appointment at M&G," M&G added. Boston Consulting Group is an American global management consulting firm.
Shares were down 2.1% at 164.65 pence each on Thursday morning in London.
By Xindi Wei; xindiwei@alliancenews.com
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