Global life insurer, Prudential plc has announced the appointment of Anil Wadhwani as Group Chief Executive Officer (CEO).
He will join the company from Manulife, where he currently serves as President & CEO, Manulife Asia.
Within his new role, he will based in Hong Kong, where he currently resides.
Prudential has stated that Wadhwani will assume the role of CEO on February 25, 2023. His appointment is subject to final regulatory approval
Wadhwani has more than 30 years of experience within the industry, combining strategic vision and execution in some of the world’s biggest companies.
Most recently, serving as CEO of Manulife’s Asia region, he successfully grew and transformed its diversified and multi-channel business with significant market share gains in many different key markets, and making it the company’s largest source of core earnings.
Prior to Manulife, Wadhwani spent 25 years with Citi in Asia Pacific, Europe, the Middle East, Africa, and the US, in a number of various consumer financial services roles.
In addition, and also subject to regulatory approval, Mark FitzPatrick, Interim Group CEO, will continue to lead the business and will support Wadhwani in his transition.
In a press release, Prudential said: “The internal promotions of Mark FitzPatrick to Interim Group CEO, James Turner to Chief Financial Officer and Avnish Kalra to Chief Risk and Compliance Officer, demonstrate our bench-strength and focus on operational delivery.”
Commenting on his appointment, Wadhwani, said: “I am honoured to have been appointed as the new CEO of Prudential. Prudential is diversified across Asia and Africa, with a highly successful business, a very powerful brand and leading market positions in many of its key markets. I strongly believe in the strength of its digitally enabled multi-channel distribution model.
“Prudential is exclusively focussed on growth markets and has shown great resilience and agility through the recent and ongoing Covid pandemic. This strong performance is a real testament to all their people, the quality of talent and the leadership team who I am very much looking forward to working with.
“It will be a true privilege to lead the business as it continues to serve customers and communities, driving growth in Asia and Africa while delivering value for the shareholders.”
Shriti Vadera, Chair of Prudential, said: “The Board is delighted to appoint Anil following our thorough succession process and the move of the entire senior management team to Asia. He has a wealth of experience, not just in insurance but as a customer-centric people leader with a strong track record of creating and driving a culture of success, that will help us meet the needs of our customers in our chosen growth markets in Asia and Africa.
“Over the course of 2021, we reshaped our business, and the Board is confident that Anil will capture the significant opportunities that we see ahead. Following his appointment, the Group’s leadership, lead regulator and its operations will be geographically aligned.”
Furthermore, Prudential also announced that Nic Nicandrou, CEO, Asia and Africa will be leaving in order to seek opportunities outside of the company.
Prudential added, that the Board would like to express its sincere gratitude to Nicandrou for his significant contribution and leadership over the past 13 years both as Group CFO and as CEO of Asia and Africa, and wishes him every success in his future career.