Mark Tucker, chief executive of Prudential, is to step down from his role with the insurer at the end of September, to be replaced by chief financial officer Tidjane Thiam.
Pru shares rose by nearly 10% this morning, as news of the switch was accompanied by a positive set of results for 2008 from the insurance giant.
The firm's operating profit, under European embedded value principles, rose 17% to £2.96bn, beating an analyst forecast of £2.7bn. Pru also reported an underlying operating profit of £1.35bn, compared with a consensus of £1.2bn.
"These results represent a very strong absolute and relative performance in quite exceptional circumstances," says Tucker.
"Prudential is one of the strongest insurers in the world. Our prudent but proactive approach has ensured our group capital and cash position remains very robust, with an estimated IGD surplus of £1.7bn, which will increase by £800m on completion of the transfer of our Taiwanese agency business."
Tucker was appointed group chief executive in 2005 and under his stewardship the firm's compound annual growth rate has been 21% with profits of 14%. His successor Thiam joined Pru in 2008 from rival insurer Aviva.
"Mark has made an outstanding contribution and has led the transformation of Prudential into the strongest, and best focused, company in the sector with a diversified international presence in advantaged regions and markets," says Harvey McGrath, chairman of the firm.
He adds: "Tidjane is ideally equipped to succeed Mark, given his global experience, knowledge of the sector and his outstanding leadership qualities."IFAonline
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