Prudential appoints Anil Wadhwani as new group chief executive

INSURER Prudential has appointed Anil Wadhwani as its new group chief executive, subject to final regulatory approval from the Hong Kong Insurance Authority.

The former Manulife Asia president and chief executive is joining Prudential with over 30 years of experience in Asia. Prior to Manulife, Wadhwani was in Citi in a number of consumer financial services roles. He will be based in Hong Kong, where he currently resides.

Wadhwani will assume the role on Feb 25 next year, with interim CEO Mark FitzPatrick continuing to lead the business while supporting the transition.

“Over the course of 2021, we reshaped our business, and the board is confident that Anil will capture the significant opportunities that we see ahead. Following his appointment, the group’s leadership, lead regulator and its operations will be geographically aligned,” said Shriti Vadera, chairperson of Prudential.

Wadhwani’s annual salary will be US$1.6 million with a maximum annual bonus opportunity of 200 per cent of his salary under the Annual Incentive Plan. He will also be required to defer 40 per cent of any bonus awarded into Prudential shares for 3 years.

“I am honoured to have been appointed as the new CEO of Prudential. 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,” said Wadhwani.

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Prudential also announced that its CEO of Asia and Africa, Nic Nicandrou, will be leaving to seek opportunities elsewhere. The role will cease with the appointment of a group CEO.