Prudential Share News (PRU)

(Alliance News) - Prudential PLC on Wednesday said it has named Douglas Flint as its next chair, replacing Shriti Vadera, who will round off a roughly five-year stint in the position in May.

Flint, who has previously chaired Asia-focused lender HSBC Holdings PLC, and currently holds the same post at asset manager Aberdeen Group PLC and intellectual property commercialisation firm IP Group PLC, joins the Prudential board in March.

Flint will be made chair on May 28, following the Asia-focused insurer's annual general meeting. Vadera will retire from the board after six years of service. Vadera joined the Prudential board in 2020 before becoming chair in January 2021.

Flint was formerly finance director of HSBC between 1995 and 2010. He then became chair of the company from 2010 until 2017. He has chaired Aberdeen Group and IP since 2018.

"After a full search, I'm delighted Douglas will become the next chair of Prudential. He brings extensive experience leading global financial institutions, alongside deep experience in Asia, and is ideally positioned to lead the next stage of the group's development, taking forward the strong foundations and momentum created during Shriti's tenure. His background and skills will be of great value as we work to bring the best of Prudential to our investors, customers, colleagues, and the communities within which we operate," Prudential Senior Independent Director Jeremy Anderson said.

"During Shriti's time as chair, Prudential has fundamentally transformed from a global insurance and asset management holding company, to a business focused on serving the growing needs of markets in Asia and Africa. I am hugely grateful to her for the way she has so ably led the board and the company through this complex transition, creating a fast-growing diversified business with improving performance, strong corporate and performance culture and major market presence in many Asian markets. The board, management and company are very grateful for her leadership and vision and wish her every success for the future."

Prudential has undergone a series of changes in recent years, including the spin-off of M&G PLC in the UK in 2019 and the demerger of Jackson Life in the US in 2021. It means Prudential is now focused on Asian and African markets.

By Eric Cunha, Alliance News news editor

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