M&G’s chief financial officer Clare Bousfield is moving to a new role as managing director of its retail and savings business.
Bousfield is due to start the position on 1 October, subject to regulatory approval, in which she will lead M&G Wealth’s UK expansion and complete the transformation of the Prudential-branded operations to “improve customer outcomes and generate business efficiencies”.
M&G’s retail and savings business consists of M&G Wealth and the Heritage Business, which includes the Prudential-branded operations in UK and Europe.
Bousfield will hand over group CFO responsibilities to deputy CFO Paul Cooper who will occupy the role while M&G looks for Bousfield’s replacement.
She is also stepping down from M&G’s board to free up time for her new role and her regulatory responsibilities with respect to Prudential Assurance Company Limited.
M&G chief executive John Foley said: “Clare is the ideal leader to bring fresh impetus to this part of our business, given her financial insight, knowledge of the operations and strong relationships.
“This appointment and a number of other leadership changes I am making today position us well for the next phase of M&G’s ambitions and our strategy to return to sustainable growth.”
Bousfield joined the Prudential group in November 2016 as chief executive of The Prudential Assurance Company. She was previously chief financial officer at Aegon. She is also a non-executive director of RSA Group.
Cooper also serves as CFO for The Prudential Assurance Company. He joined the business from Arrow Global, a FTSE 350 financial services company, where he was global CFO. The early part of his career was spent at PwC and EY.
