Prudential has announced a new boss for its UK operation in the second major change at the helm of the insurance giant in the space of a year.
Rob Devey will take over as chief executive of Pru UK and Europe after Nick Prettejohn said he will step down in September – just before group chief executive Mark Tucker’s departure on October 1.
Mr Devey joins from Lloyds Banking Group, where he heads up telephone and banking operations for the retail division.
Pru declined to comment on the reasons behind Mr Prettejohn’s decision to step down or if he has secured another job.
It is understood Mr Prettejohn was one of those in the running to succeed Mr Tucker at the top of the group – a role that has gone to finance director Tidjane Thiam.
Speculation has recently put Mr Prettejohn in the frame to replace Sir Sandy Crombie as group chief executive at Standard Life after the Edinburgh-based insurer began the hunt for a successor earlier this year.
Mr Prettejohn joined the Pru three-and-a-half years ago from Lloyd’s of London, which he headed as chief executive for six years.
Pru’s incoming boss Mr Thiam said: “I am very sorry that Nick Prettejohn has decided to leave the group, where he has made an outstanding contribution and want to wish him well with his next challenge.”
Mr Devey – whose start date has yet to be confirmed – will join the Pru on £550,000 a year with a potential annual bonus worth up to 160 per cent of base salary, of which 40 per cent is deferred, as well as a long-term award scheme that could pay out up to 200 per cent of salary.
He joined Lloyds after transferring with HBOS following its rescue takeover.
He was managing director of HBOS’s financial services division, leading the group’s life operations and general insurance business.