M&G seeks CEO as Foley announces retirement
Investment manager M&G is searching for a new chief executive after John Foley announced his intention to retire.
Mr Foley, who executed the merger of M&G Investments and Prudential in 2017 and the demerger of M&G in 2019, will continue in his role until a successor is in place.
The search for his successor be led by chair Edward Braham, with some tipping Scotland-based M&G Wealth boss David Montgomery as a potential candidate. He has helped create and build the wealth management division.
Mr Foley was appointed CEO in 2015, having first joined Prudential in 2000 as deputy group treasurer.
Commenting on his departure, Mr Braham 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 £1.8bn 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.”
Mr Foley added: “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 CEO until my successor is in place and I remain fully committed to our business delivery.”