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 May 2003
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: Directorate Change
FOR IMMEDIATE RELEASE
Thursday 22 May 2003
PRUDENTIAL BOARD CHANGE
Prudential plc announced today that Mark Tucker, Chief Executive of Prudential
Corporation Asia ("PCA") and an Executive Director of Prudential plc, has
informed the company that he will be resigning with effect from 30 June 2003.
After 18 years with Prudential, the last nine of which were spent successfully
building the business in Asia, Mark Tucker is now seeking further challenges. It
is therefore with sincere regret on the part of both Prudential and Mark, that
he has decided to develop his career outside the organisation.
"Under Mark's leadership, Prudential Corporation Asia has become the leading
European life insurer and one of the top two international life insurance groups
in Asia. In 1993 Prudential was present only in Singapore, Hong Kong and
Malaysia. Since then, PCA has grown significantly and now has an extremely
strong regional presence with 23 life and fund management operations in 12
countries. Mark leaves behind a very well-run business with a strong, highly
qualified and experienced management team, whose capabilities were very much
reflected in PCA's record high 2003 first quarter life new business premiums,"
said Jonathan Bloomer, Prudential Group Chief Executive. "PCA's business
performance is very strong due to its clear customer focus and its leadership in
product innovation. I am confident that it is well positioned for the future and
has the management team which will deliver growth and take the business
forward."
"I have felt a wonderful sense of passion and pride working for Prudential in
Asia over the last nine years," said Mr Tucker. "I treasure, beyond words, the
relationships I have enjoyed with people across the region; the opportunity to
work with them has been a pleasure and a privilege. I know that they will
continue, as they have always done, to commit themselves wholeheartedly to the
success of this great business. I wish the Prudential every success in the
future."
- ENDS -
Notes to Editors
1. Prudential will conduct an internal and external search for Mark Tucker's
successor. Meanwhile, the team of seven managing directors, co-ordinated by
the Managing Director, Finance, will continue to drive forward the business,
reporting directly to Jonathan Bloomer.
2. PCA has 23 life and fund management operations in 12 countries: China, Hong
Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines,
Singapore, Taiwan, Thailand, and Vietnam, with top five market positions
in eight Asian life insurance markets, two mutual fund markets and Hong
Kong's Mandatory Provident Fund market.
3. PCA's significant growth rates over the last 10 years are illustrated below.
1992 2002 Increase
Annualised Premium Equivalent GBP42m GBP513m 12 times
Life Gross Revenue Premium GBP151m GBP1,896m 13 times
Assets under management GBP600m GBP15.1bn 25 times
1998 2002 CAGR
New Business Achieved Profits GBP56m GBP307m 53%
Enquiries to:
Media Investors/Analysts
Geraldine Davies 020 7548 3911 Rebecca Burrows 020 7548 3537
Clare Staley 020 7548 3719 Laura Presland 020 7548 3511
Ben Forsyth 020 7548 3500
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 22 May 2003
PRUDENTIAL PUBLIC LIMITED COMPANY
By: /s/ Steve Colton
Group Head of Media Relations