The upcoming successor to Prudential chief executive Mike Wells will be based in Asia as part of the British insurer’s continued focus on growth markets.

Following the retirement of Prudential CEO Mike Wells in March this year, the successor of the U.K.’s largest insurer – as well as its chief financial officer (CFO) – will be based in Asia, according to a statement.

«Given Prudential’s focus on the growth markets of Asia and Africa, the board has decided with this managed transition of the leadership structure, that the roles of the group CEO and the group CFO will be based in Asia, where Prudential’s largest businesses, the group regulator and the rest of the senior management team are located,» the company said in a statement.

Wells is a veteran at Prudential, having first joined the insurer in 1995. He was named Prudential CEO in 2015, succeeding Tidjane Thiam who would go on to become CEO of Credit Suisse.

Senior Shuffle

Prudential’s board is currently searching for a successor from both internal and external candidates and following the selection, Wells will assist the new CEO in the transition process and act as an advisor to the firm for a period of time. 

CFO and chief operating officer Mark FitzPatrick will serve as the interim CEO when Wells steps down in March. 

FitzPatrick's role as CFO will be succeeded by James Turner, whose role as chief risk and compliance officer will be succeeded by current Asia and Africa chief risk officer Avnish Kalra.

History in Hong Hong Kong

Hong Kong could be a top choice for the incoming CEO as Prudential’s largest market with 1,500 employees based in the city, including many senior managers such as Turner and Kalra. 

In addition, Hong Kong is also home to one of Prudential’s dual listings – alongside London – with a $2.4 billion raised from a recent share placement in September 2021.

Still, the city faces increasing challenges to its status as a regional hub with ongoing concerns about political risks and its strict «dynamic zero» Covid regime which has been further tightened in light of a recent rise in new cases.