M&G PLC on Wednesday said John Foley will step down as chief executive officer, a role he has held since 2015.

Foley will remain at the helm until a new CEO has been found, the London-based investment manager explained.

Foley was named CEO in M&G. He had joined former M&G parent 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,’ M&G added.

M&G shares were 0.8% higher at 212.80 pence each in London on Wednesday morning.

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