A non-executive director at M&G Plc will be stepping down amid “significantly increased demands” on her time due to another role.

It’s been announced that Caroline Silver is leaving the M&G board during the company’s annual general meeting in May. Silver was recently appointed as executive chairman of consumer goods group PZ Cussons.

A search for the board member’s replacement at M&G is ongoing.

Meanwhile chairman Mike Evans commented: “I would like to thank Caroline for her service at M&G Plc. Caroline provided invaluable guidance to the board as we prepared for our successful listing on the London Stock Exchange last October.

“I wish her all the best for the future.”

M&G, which completed its demerger from Prudential Plc last October, has a single corporate identity with two customer-facing brands – Prudential for savings and insurance customers in the UK and Europe as well as for asset management in South Africa, and M&G Investments for asset management globally.