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RNS Number : 0655B
M&G PLC
29 September 2022
M&G plc appoints Andrea Rossi as Chief Executive Officer
M&G plc ("M&G"), the leading international savings and
investment business, announces the appointment of Andrea Rossi as
its next Chief Executive and Executive Director.
Andrea will take up his new position on 10 October 2022,
succeeding John Foley who, in April 2022, announced his intention
to retire after seven years in the role. John will step down as CEO
and Executive Director on 10 October 2022, but will remain at
M&G in an advisory capacity until 31 December 2022 in order to
ensure an orderly transition.
Andrea has a 22 year track record in the global insurance and
asset management sectors, mainly through his time at AXA Group. He
was CEO of AXA Investment Managers and a member of the Group
Executive Committee of AXA Group for six years. Andrea also held
senior roles at AXA's insurance business across Europe and
internationally. Under his leadership of AXA Investment Managers,
assets under management increased by 55% to EUR800bn and AUM from
external clients more than doubled. This growth was driven by a
clear focus on systematically identifying and addressing client
needs and through a transformation of underlying systems and
processes.
Most recently, Andrea has been a senior adviser to Boston
Consulting Group. He will step down from this role following his
appointment at M&G. He is also the co-founder of REsustain, a
firm focussed on reducing the carbon intensity of commercial
property, where he will remain as a Non-Executive Director.
The appointment has been approved by the PRA and FCA.
Edward Braham, Chair of M&G, said:
"We are delighted to announce the appointment of Andrea Rossi as
CEO of M&G. His deep experience in both global asset management
and insurance is an ideal fit for M&G. He is an inspiring and
proven leader with a strong track record of delivering profitable
growth and outstanding client outcomes."
"Throughout what was a thorough and exacting recruitment
process, Andrea impressed us with his appreciation of the unique
capabilities of M&G, his strong focus on growing M&G,
delivering results for shareholders and his commitment to
sustainability."
Andrea Rossi, CEO-elect said:
"I have long admired M&G given its history, excellent
investment strategies and savings solutions. I am honoured to have
been selected as its next CEO and look forward to driving growth in
the business while at the same time improving its efficiency to
better serve client needs. There is an excellent team at M&G
and I'm excited at the prospect of working with them to take the
business forward."
Remuneration details can be found at the end of this
announcement.
Ends
Enquiries:
Investors/Analysts
Media
Jonathan Miller +44 (0)20 8162 1699 Luca Gagliardi +44 (0)20 8162 7307
About M&G plc
M&G plc is an international savings and investments
business, managing money for around 5 million retail customers and
more than 800 institutional clients in 28 markets. As at 30 June
2022, we had GBP348.9 billion of assets under management and
administration. Our purpose is to help people manage and grow their
savings and investments, responsibly.
With a heritage dating back more than 170 years, M&G plc has
a long history of innovation in savings and investments, combining
asset management and insurance expertise to offer a wide range of
solutions. We serve our savings and insurance customers under the
Prudential brand in the UK and Europe, and under the M&G
Investments brand for asset management clients globally.
Disclosures
Remuneration Arrangements
Andrea Rossi's remuneration arrangements will be in accordance
with M&G plc's Directors' Remuneration Policy (the "Policy"),
which was approved by shareholders at the Annual General Meeting in
May 2020.
1. Salary and benefits
A base salary of GBP875,000.
Standard benefits including eligibility for private family
health care, life assurance, disability insurance and an annual
health screen.
Pension contribution of 13% of salary, which may be received in
part or in full in cash, which is in line with the maximum pension
rate applicable to the wider workforce.
2. Incentives
Eligibility to participate in a Short-Term Incentive scheme with
a maximum annual entitlement of 250% of base salary, subject to
performance conditions. In accordance with the Policy, 50% will be
delivered in cash and 50% will be deferred in shares for 3 years.
Eligibility will be pro-rated to the appointment date for the 2022
performance period.
Eligibility to participate in a Long-Term Incentive Plan with a
maximum annual share award value of 250% of base salary with 3-year
vesting, subject to performance conditions. There is a further
2-year holding period on the vested shares. The first award will be
granted in 2023.
3. Shareholding requirement
Andrea will be required to build up and maintain a minimum
shareholding equal to 300% of base salary. Shareholding
requirements must be maintained in full for 2 years
post-employment.
4. Notice period
A 12 months' notice period from either party.
5. Other
Save as disclosed above, no other information is required to be
disclosed pursuant to paragraph 9.6.13R of the Listing Rules in
respect of Andrea's appointment.
LEI: 254900TWUJUQ44TQJY84
Classification: 3.1 Additional regulated information required to
be disclosed under the laws of a Member State
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