Hong Kong could be struck out from the list of hubs for British insurer Prudential’s next chief executive to start his or her job.
According to Prudential interim CEO Mark FitzPatrick, he could «absolutely see the CEO being based short-term outside of Hong Kong until it’s easier to actually be able to run a regional business [from there]», according to a «Financial Times» report.
«There may be practical reasons, in terms of where the individual needs to be based on an interim basis [ . . .] while a new CEO gets to grips with the organization,» said FitzPatrick, who has already ruled himself out for taking on the role as the insurer’s permanent chief.
Long-Term Optimism
Despite the short-term challenges – FitzPatrick called the now shorter two-week hotel quarantine the cause for an «element of friction» – the interim chief remained optimistic about Hong Kong’s outlook down the line, adding that the next CEO is expected to be based in the city in the long-term.
Elsewhere, other financial firms are making arrangements for relocation from Hong Kong to alternative bases like Singapore – such as Citi and Bank of America – as the city persists with its «dynamic zero-Covid» strategy.
