London-based insurer Prudential has hired the former Asia chief executive at Manulife to lead its business as part of a greater strategic shift towards Asia.
Anil Wadhwani will join Prudential to succeed recently departed CEO Mike Wells, according to a statement, effective February 25 next year and subject to regulatory approval.
Asia and Africa CEO Nic Nicandrou will be leaving the firm to seek other opportunities and his role will cease to exist following the appointment of a permanent group CEO. Meanwhile, interim CEO Mark FitzPatrick will continue to lead the business and support Wadhwani in his transition.
Wadhwani was most recently with Manulife as its Asia CEO – succeeded by Damien Green – after 25 years with Citigroup. He has a wide range of experience working in Mumbai, Singapore, London, New York and Hong Kong.
Asia Focus
In recent years, Prudential has increasingly shifted focus towards Asia after spinning of its U.K. and European retirement business in 2019 and its U.S. retirement business last year.
In February, the firm underlined plans to locate its next CEO in Asia and signaled Hong Kong – the British insurer’s largest market with 1,500 employees – as a top choice after Covid-related disruptions ease.
Annual Salary
In the new role, Wadhwani will receive an annual salary of HK$12.3 million ($1.6 million) with a maximum annual bonus of up to 200 percent of his salary, 40 percent of which will be awarded in shares on a deferred basis for three years. Under the firm’s long-term incentive plan, he will also be eligible for an annual grant of up to 400 percent of his salary.
«Prudential is exclusively focused on growth markets and has shown great resilience and agility through the recent and ongoing Covid pandemic,» Wadhwani said. «This strong performance is a real testament to all their people, the quality of talent and the leadership team who I am very much looking forward to working with.»
