Harvey McGrath, chairman of Prudential, is to retire in 2012 after a search for a successor has been completed.
McGrath was appointed chairman in 2009, having joined the board in 2008 as an independent non-executive director.
Kathleen O’Donovan will also retire next year after almost nine years as a non-executive director.
The company has also announced the appointment of Kai Nargolwala, currently chairman of Credit Suisse Asia Pacific, as a non-executive director.
Joining Nargolwala as a non-executive director is Alistair Johnston, former partner at KPMG.
McGrath says: “As far as my own decision is concerned, I felt it was important to give the board good notice of my intentions so that the process of appointing a successor can get underway.
“Prudential is performing very well, there is a strong and reinvigorated board in place and we are fortunate to have a chief executive of Tidjane Thiam’s calibre driving the business.”
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