John Foley to step down as M&G chief executive

(Sharecast News) - M&G announced on Wednesday that group chief executive John Foley has informed the board of his intention to retire.

The FTSE 100 investment manager said it would now begin a process to appoint a new chief executive, led by chair Edward Braham.

Foley would continue to serve as group chief executive until a successor was in place.

"On behalf of the M&G board, I would like to thank John for his outstanding contribution to M&G plc and Prudential over the past 22 years, particularly since M&G became a public company," Braham said.

"John has led M&G through significant change and overseen a successful demerger, while steering the group through the unprecedented events of the pandemic.

"The business has performed strongly, returning £1.8bn to shareholders since listing in October 2019."

Foley was appointed chief executive in 2015, having first joined Prudential in 2000 as deputy group treasurer.

He executed the merger of M&G Investments and Prudential UK in 2017, and the subsequent demerger of the group from Prudential in 2019.

"It has been a privilege to serve Prudential and M&G for the past 22 years - I am exceptionally proud of what M&G has achieved since becoming an independent listed company three years ago," John Foley said.

"We have delivered our demerger commitments despite extraordinary macro challenges, and are well-placed to leverage M&G's scale and expertise to build an international leader in savings and investments."

Foley added that, based on its recent results, M&G had reached an "inflection point", with strong momentum in its strategic progress.

"It is now a good time to begin the search for a new CEO to lead M&G during the next phase of its development.

"I look forward to continuing to serve as Chief Executive until my successor is in place and I remain fully committed to our business delivery."

At 0807 BST, shares in M&G were up 0.05% at 211.2p.