Prudential plc today announces that Tidjane Thiam, Group Chief Executive, has informed the Board of his intention to step down this year from his role as CEO and from the Board. Mr Thiam has agreed to join Credit Suisse as CEO.
Paul Manduca, Chairman of Prudential, said: "Tidjane has been one of the most exceptional leaders in Prudential's long and illustrious history. From leading the group through the financial crisis at the end of the last decade, first as CFO and then as CEO, to shaping an Asia-focused strategy that has seen Prudential grow into an ever more successful UK-based financial services business, he has been a great servant to the company and all its stakeholders in his seven years on our Board.
"Although the Board will be sorry to see him go, we understand his desire to take on a new challenge with another global leader in a different part of the financial services sector, headquartered in Switzerland, and we wish him every success in his new role.
"As would be expected of a FTSE 100 company, the Board is always focused on succession planning and a process has already examined a range of external and internal candidates. We are fortunate to have a very strong management team across the Group and we have identified a successor and expect to be able to announce a new CEO once the regulatory approval process has been completed."
Tidjane Thiam said: "It has been a privilege and a pleasure to lead one of the iconic companies in UK financial services. We have successfully navigated some challenging times, including the global financial crisis, and have emerged with four profitable and strongly cash-generative businesses.
"Prudential in Asia has more than doubled in size and profitability since 2009 and is a clear leader in insurance in the world's most populous and dynamic region. In the US, Jackson National Life has become market leader in variable annuities while diversifying its product mix and remitting substantial cash to the Group.
"Our traditional UK life business has performed robustly, while M&G has grown into one of the largest and most successful asset managers in Europe.
"All of that has been achieved as a result of the dedication and teamwork of the Group leadership and our talented people around the world and it has been an honour to lead them. There are no words that could adequately express my gratitude to Prudential's people.
"In the meantime, I will maintain my focus on ensuring Prudential remains in good shape and I look forward to presenting our 2015 Q1 results in May and attending my final AGM as CEO shortly thereafter."