M&G plc (LON:MNG) has announced that John Foley, Group Chief Executive, has informed the Board of his intention to retire. The Board will now initiate a process to appoint a new Chief Executive, which will be led by Edward Braham, Chair of the Board and of M&G plc’s nomination committee. John will continue to serve as Group Chief Executive until a successor is in place.
John was appointed Chief Executive in 2015, having first joined Prudential plc in 2000 as deputy group treasurer. He successfully executed the merger of M&G Investments and Prudential UK in 2017 and the subsequent demerger of the group from Prudential plc in 2019.
Edward Braham, Chair of M&G plc, said:
“On behalf of the M&G plc Board, I would like to thank John for his outstanding contribution to
M&G plc and Prudential over the past 22 years, particularly since M&G became a public company. John has led M&G through significant change and overseen a successful demerger, while steering the Group through the unprecedented events of the pandemic. The business has performed strongly, returning £1.8 billion to shareholders since listing in October 2019. The Board and I look forward to continuing to work with John as we undertake the search for his successor.”
John Foley, Chief Executive of M&G plc, said:
“It has been a privilege to serve Prudential and M&G for the past 22 years. I am exceptionally proud of what M&G has achieved since becoming an independent listed company three years ago. We have delivered our demerger commitments despite extraordinary macro challenges, and are well-placed to leverage M&G’s scale and expertise to build an international leader in savings and investments.
“As our recent results demonstrated, M&G has reached an inflection point and has strong momentum in its strategic progress. It is now a good time to begin the search for a new CEO to lead M&G during the next phase of its development.
“I look forward to continuing to serve as Chief Executive until my successor is in place and I remain fully committed to our business delivery.”
