Prudential announces senior management shakeup

Asian head to step down after just two years in the top job despite solid financial results

Prudential announces senior management shakeup

Insurance News

By Jordan Lynn

Prudential has announced a major shakeup of its business in Asia with the head of the business to be replaced.

Tony Wilkey, who had led the Asian business of the global insurer for just two years, will be replaced by group finance director, Nic Nicandrou, according to The Financial Times.

Having been with Prudential since 2006, Wilkey said he would be “leaving to pursue new challenges”, the publication reports.

Nicandrou will be replaced by Mark FitzPatrick in the role of finance director. FitzPatrick joins the insurer from Deloitte.

Mike Wells, chief executive of Prudential, said that Nicandrou is “a talented strategist and rigorous operational manager”, and stated the company has clear priorities to accelerate business growth in the region.

Prudential released their first quarter earnings yesterday, which featured a strong showing from the Asian business.

Wells said that the group result has been driven by Asia, as the firm was able to post a seventh consecutive year of double-digit growth in new business profit in the region.

Analysts told The Financial Times that they welcomed the change.

“Nic Nicandrou has been the best finance director in the sector over the years,” Gordon Aitken, an RBC Capital Markets analyst, told the publication.

“He doesn’t just know the numbers, he knows the business through and through.”

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