SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of August, 2008
PRUDENTIAL PUBLIC LIMITED COMPANY
(Translation of registrant's name into English)
LAURENCE POUNTNEY HILL,
LONDON, EC4R 0HH, ENGLAND
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b):
82-
Enclosures: Prudential plc Appoints Harvey McGrath as Chairman
For immediate release:
13 August 2008
Prudential plc Appoints Harvey McGrath as
Chairman
Prudential plc is pleased to announce the appointment of
Harvey McGrath as Chairman. Mr McGrath will join the Board of Prudential plc as a
non-executive director on 1 September 2008 and assume the position of Chairman on 1
January 2009
,
succeeding Sir David Clementi.
Mr McGrath has a long and distinguished career in the
international financial services industry and will bring considerable expertise to
his new role at Prudential plc. From 1980 to 2007
he
worked for Man Group plc starting as Treasurer, then
Finance Director
,
then President of Man Inc in
New York
,
before being appointed as Chief Executive of Man Group
in
London
in 1990
,
and then Chairman in 2000. He left Man Group in 2007. He
started his career at Chase Manhattan
Bank
in
London
and
New York
.
Mr McGrath is also Chairman of the London Development
Agency
,
which works for the Mayor
of London
, co-ordinating economic development and regeneration across
the capital, and Vice Chairman of the London Skills and Employment Board, which is
tasked with developing a strategy for adult skills in
London
.
He is
the former
Chairman of
both
London First
and the East London Business Alliance,
and a Member of the International Advisory Board of
the
School
of
Oriental
and African Studies.
James Ross, Prudential's Senior Independent Director
and
c
hair
ing
the Nomination Committee said: "I am delighted at
th
e appointment of Harvey McGrath. H
e will bring considerable
and continued
financial and leadership expertise to the role and I very much
look forward to working with him."
Commenting Harvey McGrath said: "I am excited at the prospect
of joining Prudential. The
Company
has a rare combination of both a proud heritage and an
extremely exciting future. The financial performance of the
Company
over the past three years has been strong and
differentiated from its competitors by its broad geographic reach, particularly its
exposure to
Asia
, product expertise and the strength of the leadership team
built under
Group Chief Executive,
Mark Tucker. Sir David Clementi has done an outstanding job of
steering the
Company
through this significant progress over the past six
years."
Commenting Sir David Clementi, Chairman of Prudential plc,
said: "
I am delighted that the Board has appointed Harvey McGrath to
assume the Chair. His record of achievement in the international financial services
arena is exceptional and his leadership skills are clear. I have served six years
as Chairman of Prudential, a period of considerable change, real
internationalisation of the business and rapid development of our management
capability
,
and leave the Company in strong shape.
"
Commenting Mark Tucker
Group
Chief Executive of Prudential plc said:
"I am very pleased that
Harvey
has accepted the position of Chairman of Prudential plc
and very much look forward to working with him. He is an outstanding talent with
proven leadership expertise in the complexities of the international financial
services industry
. He
will bring great insight and experience to the Board of
the
C
ompany as
we
pursue our increasingly international strategy. On
behalf of the Board and all the employees of Prudential I want to thank Sir David
Clementi for his leadership and
strong
support over the past six years."
1.
Harvey McGrath will join the Board of the Company on 1
September 2008 as a
n
on
-
e
xecutive
d
irector and assume the role of Chairman on 1 January 2009.
The
annual
fee for Mr McGrath as
non-executive director
and Chairman will be £500,000 fixed for three
years.
He
will act as Chairman of the Nomination Committee
from 1 January 2009,
and although not a formal member will be invited to
attend the Audit and Remuneration Committees.
The appointment is for an initial three
year
term from the date of election by shareholders
at the next AGM
and the
Board may
wish to reappoint him
for additional period
(s)
. The appointment
remains subject to re-election by shareholders at regular
intervals and it
may be terminated by either the Company
or
M
r
McGrath with twelve months notice to align with
recognised best practice on corporate governance
.
Sir David Clementi will stand down from the Board of Directors
on 31 December 2008.
2. A photograph of Harvey McGrath is available from Laura
Isherwood on 020 7548 2007, laura.isherwood@prudential.co.uk
Prudential plc is a company incorporated and with its
principal place of business in
England
, and its affiliated companies constitute one of the world's
leading financial services groups. It provides insurance and financial services
directly and through its subsidiaries and affiliates throughout the
world.
The Group
has been in existence since 1848 and has £2
56
billion in assets under management as at 3
0 June
200
8
. Prudential plc is not affiliated in any manner with
Prudential Financial, Inc, a company whose principal place of business is in
the
United States of America
.
Forward-Looking Statements
This statement may contain certain "forward-looking
statements" with respect to certain of Prudential's plans and its current goals and
expectations relating to its future financial condition, performance, results,
strategy and objectives. Statements containing the words "believes", "intends",
"expects", "plans", "seeks" and "anticipates", and words of similar meaning, are
forward-looking. By their nature, all forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances which are beyond
Prudential's control including among other things, UK domestic and global economic
and business conditions, market related risks such as fluctuations in interest
rates and exchange rates, and the performance of financial markets generally; the
policies and actions of regulatory authorities, the impact of competition,
inflation, and deflation; experience in particular with regard to mortality and
morbidity trends, lapse rates and policy renewal rates; the timing, impact and
other uncertainties of future acquisitions or combinations within relevant
industries; and the impact of changes in capital, solvency or accounting standards,
and tax and other legislation and regulations in the jurisdictions in which
Prudential and its affiliates operate. This may for example result in changes to
assumptions used for determining results of operations or re-estimations of
reserves for future policy benefits. As a result, Prudential's actual future
financial condition, performance and results may differ materially from the plans,
goals, and expectations set forth in Prudential's forward-looking statements.
Prudential undertakes no obligation to update the forward-looking statements
contained in this statement or any other forward-
looking statements it may make.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Date 13 August 2008
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PRUDENTIAL PUBLIC LIMITED COMPANY
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By: /s/ Jon Bunn
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Name: Jon Bunn
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Title : Director of Public Relations
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