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Prudential appoints Paul Manduca as new chairman

A five-month search for a successor to Harvey McGrath comes to an end.

The British financial services provider Prudential has appointed Paul Manduca as its new chairman, effective 2 July, succeeding Harvey McGrath.

Manduca, who will receive £600,000 a year as chairman, has been an independent non-executive director of Prudential since October 2010; he became a senior independent director in January 2011. He announced that he will step down from his current position as chairman of Aon UK as soon as possible and reduce his other commitments in order to make Prudential his principal focus.

Manduca said:

Prudential is a renowned financial institution with a track record of strong delivery. The company has generated significant returns for shareholders under the leadership of Tidjane Thiam, in spite of significant macroeconomic headwinds. Our strong financial performance, exposure to fast-growing emerging markets and our proactive and prudent risk management clearly set us apart from our competitors.

I would also like to thank Harvey McGrath for his stewardship over the last three and a half years. I am truly excited about the future and am looking forward to working with Tidjane to lead Prudential towards continued commercial and financial success.

Tidjane Thiam, group chief executive of Prudential, said:

I am delighted that Paul has accepted the position of chairman of Prudential and very much look forward to working with him. His talents, abilities and judgement will be great assets. I would like to thank Harvey for all he has done for this company. Throughout his time as chairman, Harvey has led this board with integrity, determination and courage and I wish him well for the next stage of his long and successful career.

Manduca’s appointment has been approved by the Financial Services Authority.