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London-based insurance company, Prudential Plc on Wednesday announced the appointment of Anil Wadhwani as Group Chief Executive Officer (“CEO"). Wadhani will take his role as CEO on February 25, 2023, and his annual salary will be to the tune of $1.56 million and other remuneration benefits.

Before the company, Wadhwani was President and CEO of Manulife Asia where he successfully grew and transformed its diversified and multi-channel business with significant market share gains in many key markets and making it the company’s largest source of core earnings. Also, Wadhani has significant and proven digital experience, having driven the modernisation of technology platforms across 13 markets in Asia in his previous role.

Prior to this, Wadhwani spent 25 years with Citi in the Asia Pacific, Europe, the Middle East, Africa, and the US, in several consumer financial services roles.

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."

Anil Wadhwani, said: “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 focused 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."

As required by the HKSE listing rules, Prudential released a summary of Wadhwani’s remuneration. In the statement, Prudential stated that Wadhwani’s annual salary will be HK$12,281,000 ($1.56 million). In line with its current remuneration policy, he will have a maximum annual bonus opportunity of 200% of salary under the Annual Incentive Plan and will be required to defer 40% of any bonus awarded into Prudential shares for three years. He will be eligible to receive an annual grant of an award under Prudential’s long-term incentive plan of up to 400% of salary.

Notably, Mark FitzPatrick, Interim Group CEO, will continue to lead the business and will support Wadhwani in his transition.

In a statement, Prudential highlighted that 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 the company's bench-strength and focus on operational delivery. The Group continues to benefit from broad-based and experienced local leadership teams who are deep-rooted in their markets. These teams will continue to build capability to serve the Group’s customers and enhance the Group’s franchise.

Also, Prudential announced that Nic Nicandrou, CEO, of Asia and Africa, will be leaving to seek opportunities outside the Group. With the announcement of the appointment of a permanent Group CEO, the role of the CEO, Asia and Africa will cease. 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.

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