Prudential announces hunt for next Asia-based group CEO

Current group leader Mike Wells will be stepping down by the end of March.

The hunt for Prudential’s next group chief executive officer is on as current CEO, Mike Wells, steps down.

Wells has been with Prudential for 26 years, leading the group’s transformation into an Asia and Africa focused life and health insurer. He became CEO in 2015, having joined the company in 1995.

He will be stepping down by the end of March, just after the group’s announcement of its full year results for 2021 on 9 March in which Wells will host.

Wells will also not stand for re-election as a Director at the next Annual General Meeting. Current group chief financial officer and chief operating officer, Mark FitzPatrick, will become interim Group CEO in addition to his duties as COO. He will assist the incoming Group CEO in completing the transition process, as required. Thereafter, he will step down from the Board and remain available to the Company as an adviser for a period. 

According to Prudential, due to their focus on Africa and Asia, the next group CEO will be based in Asia, where Prudential’s largest businesses, the group regulator and the rest of its senior management teams are located.

“It has been a privilege to serve Prudential for the last 26 years. Having led the transformation of the Group into an Asia and Africa focused life and health insurer, now is the right time for me to hand over to an Asian based team to take the company forward. I am grateful to have had the opportunity to work with the staff and Board of Prudential during my tenure,” Wells said in a statement.