Blueprint
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of July, 2018
PRUDENTIAL PUBLIC LIMITED COMPANY
(Translation of registrant's name into English)
LAURENCE POUNTNEY HILL,
LONDON, EC4R 0HH, ENGLAND
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover Form 20-F or Form 40-F.
Form
20-F X
Form 40-F
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes
No X
If
"Yes" is marked, indicate below the file number assigned to the
registrant
in connection with Rule 12g3-2(b): 82-
27 July
2018
M&G Prudential changes leadership team ahead of
demerger
Anne Richards resigns as Chief Executive of M&G
Investments
and from the Prudential plc Board
Clare Bousfield to become Chief Financial Officer of M&G
Prudential
M&G Prudential today announces changes to its senior leadership
team in preparation for its planned demerger from Prudential plc
(the Group).
M&G Prudential was formed in 2017 through the combination of
M&G Investments and Prudential's UK & Europe life business.
The changes announced today reflect the growing integration of
these business units over the past year and will prepare M&G
Prudential to operate as an independent
business.
Anne Richards, currently Chief Executive of M&G Investments, is
resigning from this role and from the Board of Prudential plc
effective on 10 August 2018, following the delivery of the Group's
2018 half year results, in order to take up a new senior
leadership position in the financial services
industry.
Clare Bousfield, currently Chief Executive Officer of Prudential
UK, will become Chief Financial Officer of M&G
Prudential.
John Foley, Chief Executive of M&G Prudential, will take on the
additional responsibilities of becoming Chief Executive of the key
regulated entities of M&G and Prudential UK.
John Foley said: "These changes simplify the way we make decisions,
improve accountability and align management capabilities with
M&G Prudential's future needs as an independent listed
business.
"I would like to thank Anne for her important contribution to
M&G during a period of significant change. She leaves the
business well positioned, with great performance for clients,
strong positive asset flows and profitable growth for
shareholders.
"I am delighted that Clare has agreed to step up to the role of
Chief Financial Officer. This is a crucial position combining
financial control, strategy and managing relationships with the
financial markets."
Paul Manduca, Chairman of Prudential plc, said: "Anne has made an
important contribution to the Prudential plc Board during her time
with the Group, and M&G has delivered strongly for all
stakeholders under her leadership. We wish her all the very best in
the next stage of her career."
Mike Wells, Group Chief Executive of Prudential plc, said: "These
management changes will help M&G Prudential to deliver better
outcomes as a separate listed company.
"Anne has driven a significant improvement in business performance
and played an important role in the successful integration of
M&G and Prudential UK. I would like to thank her for her
contribution to the Group's continued success."
Anne Richards said: "It has been a pleasure and privilege to work
with colleagues so dedicated to delivering great outcomes for
clients and customers. I know that M&G Prudential will
continue to go from strength to strength."
Clare Bousfield said: "We have been making strides in modernising
the business, building on our strengths in investment management
and innovative propositions to provide clients with an even better
and broader range of distinctive solutions to meet their financial
needs. I look forward to continuing to drive forward our
transformation in my new role."
Enquiries:
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Media
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Investors/Analysts
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Jonathan Oliver
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+44 (0)20 7548 3537
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Chantal Waight
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+44 (0)20 7548 3039
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Richard Miles
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+44 (0)20 7548 3653
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Richard Gradidge
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+44 (0)20 7548 3860
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Tom Willetts
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+44 (0)20 7548 2776
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William Elderkin
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+44 (0)20 3480 5590
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Notes to Editors:
About Clare Bousfield
Clare
currently leads Prudential UK, driving business transformation and
helping to shape the wider M&G Prudential
business.
Ms
Bousfield joined Prudential in November 2016 from Aegon UK, where
she was Chief Financial Officer and led the strategic review and
transformation of the business. With over 25 years' experience in
the savings, insurance and financial services industries, she has
built a strong reputation for leading and developing
high-performing teams across multiple business locations. Ms
Bousfield led a number of acquisitions and global audits within
Financial Services while at PwC.
About M&G Prudential
M&G
Prudential is the UK and European savings and investments business
of Prudential plc. On 14 March 2018 Prudential plc announced its
intention to demerge M&G Prudential from Prudential plc,
resulting in two separately listed companies with different
investment characteristics and opportunities. On completion of the
demerger, shareholders will hold interests in both Prudential plc
and M&G Prudential. M&G Prudential has total assets under
management of £351 billion, as at 31 December 2017 and has
more than 7 million customers. Over the next five years, M&G
Prudential's shareholders will be investing £250 million of
shareholder capital into a series of transformation programmes to
create a simple, modern, customer-centric savings and investments
business.
About Prudential plc
Prudential
plc and its affiliated companies constitute one of the world's
leading financial services groups, serving over 26 million
customers and it has £669 billion of assets under management
(as at 31 December 2017). Prudential plc is incorporated in England
and Wales and is listed on the stock exchanges in London, Hong
Kong, Singapore and New York. Prudential plc is not affiliated in
any manner with Prudential Financial, Inc., a company whose
principal place of business is in the United States of
America.
Regulatory disclosures
Save as disclosed above, there is no further information required
to be disclosed pursuant to Rule 13.51(2) of the Rules Governing
the Listing of Securities on The Stock Exchange of Hong Kong
Limited. There are no other matters that need to be brought to the
attention of shareholders of Prudential.
Forward-Looking Statements
This document may contain 'forward-looking statements' with respect
to certain of Prudential's plans and its goals and expectations
relating to its future financial condition, performance, results,
strategy and objectives. Statements that are not historical facts,
including statements about Prudential's beliefs and expectations
and including, without limitation, statements containing the words
'may', 'will', 'should', 'continue', 'aims', 'estimates',
'projects', 'believes', 'intends', 'expects', 'plans', 'seeks' and
'anticipates', and words of similar meaning, are forward-looking
statements. These statements are based on plans, estimates and
projections as at the time they are made, and therefore undue
reliance should not be placed on them. By their nature, all
forward-looking statements involve risk and uncertainty. A number
of important factors could cause Prudential's actual future
financial condition or performance or other indicated results to
differ materially from those indicated in any forward-looking
statement. Such factors include, but are not limited to, the
timing, costs and successful implementation of the demerger of the
M&G Prudential business; the future trading value of the shares
of Prudential plc and the trading value and liquidity of the shares
of the to-be-listed M&G Prudential business following such
demerger; future market conditions, including fluctuations in
interest rates and exchange rates, the potential for a sustained
low-interest rate environment, and the performance of financial
markets generally; the policies and actions of regulatory
authorities, including, for example, new government initiatives;
the political, legal and economic effects of the UK's decision to
leave the European Union; the impact of continuing designation as a
Global Systemically Important Insurer or 'G-SII'; the impact of
competition, economic uncertainty, inflation and deflation; the
effect on Prudential's business and results from, in particular,
mortality and morbidity trends, lapse rates and policy renewal
rates; the timing, impact and other uncertainties of future
acquisitions or combinations within relevant industries; the impact
of internal projects and other strategic actions failing to meet
their objectives; disruption to the availability, confidentiality
or integrity of Prudential's IT systems (or those of its
suppliers); the impact of changes in capital, solvency standards,
accounting standards or relevant regulatory frameworks, and tax and
other legislation and regulations in the jurisdictions in which
Prudential and its affiliates operate; and the impact of legal and
regulatory actions, investigations and disputes. These and other
important factors may, for example, result in changes to
assumptions used for determining results of operations or
re-estimations of reserves for future policy benefits. Further
discussion of these and other important factors that could cause
Prudential's actual future financial condition or performance or
other indicated results to differ, possibly materially, from those
anticipated in Prudential's forward-looking statements can be found
under the 'Risk Factors' heading in its most recent Annual Report
and the 'Risk Factors' heading of Prudential's most recent Annual
Report furnished to the U.S. Securities and Exchange Commission on
Form 20-F, as well as under the 'Risk Factors' heading of any
subsequent Prudential Half Year Financial Report. Prudential's most
recent Annual Report, Form 20-F and any subsequent Half Year
Financial Report are available on its website at
www.prudential.co.uk.
Any forward-looking statements contained in this document speak
only as of the date on which they are made. Prudential expressly
disclaims any obligation to update any of the forward-looking
statements contained in this document or any other forward-looking
statements it may make, whether as a result of future events, new
information or otherwise except as required pursuant to the UK
Prospectus Rules, the UK Listing Rules, the UK Disclosure and
Transparency Rules, the Hong Kong Listing Rules, the SGX-ST listing
rules or other applicable laws and regulations.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Date: 27
July 2018
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PRUDENTIAL
PUBLIC LIMITED COMPANY
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By:
/s/ Alan Porter
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Alan
Porter
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Group
General Counsel and Company Secretary
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