LONDON (AP)—U.K. insurer Prudential PLC has named Paul Manduca as chairman, succeeding Harvey McGrath, who is retiring.
Manduca has been an independent non-executive director of Prudential since October 2010, and became senior independent director in January 2011. Prior to that, he founded Threadneedle Asset Management and served as chief executive at both Rothschild Asset Management and Deutsche Asset Management.
Prudential said Monday that Manduca will assume his £600,000 ($941,000) a year role on July 2, taking over from McGrath, who had weathered criticism over Prudential's failed £22 billion bid for Asian insurer AIA in 2010.
Manduca will step down from his position as chairman of Aon UK Ltd. "as soon as possible" and reduce other commitments in order to make the insurer his primary focus, Prudential added.
