Prudential PLC said Wednesday it has appointed Manulife Financial Corp executive Anil Wadhwani as its new chief executive following the retirement of Mike Wells.

Shares in FTSE 100-listed Prudential were down 0.3% in London on Wednesday morning at 1,005.50 pence each.

Wadhwani currently serves at Toronto-headquartered Manulife Asia president and CEO.

The company operates in Canada and Asia as Manulife and in the US primarily through its John Hancock Financial unit.

‘Anil Wadhwani is a global financial services leader with more than 30 years’ experience, predominantly in Asia, combining strategic vision and execution in some of the world’s biggest companies. Most recently, as CEO of Manulife’s Asia region, he successfully grew and transformed its diversified and multi-channel business with significant market share gains in many key markets and making it the company’s largest source of core earnings,’ Pru explained.

Prior to Manulife, Wadhwani spent over two decades at Citigroup Inc.

He will take up the role on February 25, 2023.

Wadhwani is stepping into the role after Mike Wells retired earlier this year, with Mark FitzPatrick currently sitting as interim CEO.

Pru added: ‘The internal promotions of Mark FitzPatrick to interim group CEO, James Turner to chief financial officer and Avnish Kalra to chief risk & compliance officer, demonstrate our bench-strength and focus on operational delivery.

‘The group continues to benefit from broad based and experienced local leadership teams who are deep rooted in their markets. These teams will continue to build capability to serve the group’s customers and enhance the group’s franchise.’

Pru also noted Asia & Africa CEO Nic Nicandrou will step down, with the company deciding to leave the role unfilled going forward.

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