M&G Plc has today revealed that its group CEO John Foley has informed the board of his intention to retire.
According to a Press release from the insurance and investments business which demerged from Prudential Plc in 2019, the board will now undertake the task of appointing a new chief executive, a press to be led by Edward Braham, chair of the board and M&G plc’s nomination committee. Meanwhile, Foley will continue to serve as group CEO until a successor is in place.
Foley was first appointed to the role of CEO in 2015, having first joined Prudential plc in 2000 as deputy group treasurer. He is credited with having 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.
Commenting on his departure, Braham said that on behalf of the M&G Plc board, he would like to thank Foley 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,” he said. “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.”
Foley added that it had been a privilege to serve Prudential and M&G over the last 22 years and said he was “exceptionally proud” of what M&G had achieved since becoming an independent listed company. The business had delivered its demerger commitments in the face of significant macro challenges, he said, and was well-placed to leverage its scale and expertise to become 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,” he said. “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.”
