Finance

M&G begins search for new CEO as John Foley announces retirement

M&G, the £370bn UK-listed investment group, is on the hunt for a new chief executive following an announcement that current boss John Foley is set to retire.

Foley, who was appointed CEO in 2015 after 15 years with Prudential, was responsible for overseeing the merger of M&G Investments and Prudential UK in 2017 — as well as the subsequent demerger from Prudential in 2019.

Edward Braham, who was appointed chair of the M&G board in February, will lead the process to find a successor. Foley will remain in place until his replacement has been appointed.

“John has led M&G through significant change and overseen a successful demerger, while steering the Group through the unprecedented events of the pandemic,” said Braham.

Foley has overseen several recent acquisitions for M&G, including its purchase of TCF Fund Managers in February to integrate into its wealth business. In January M&G also acquired a majority stake in responsAbility — a Zurich-based impact investor with 200 staff focused on private debt and private equity across emerging markets.

During the height of the Covid pandemic, Foley ditched plans for M&G to reduce staff costs across the business.

The fund manager said in March 2020 that it was launching a voluntary redundancy programme as part of a target to reduce staff-related expenditure by 10% — part of an ongoing five-year transformation programme at M&G.

However, following the onset of the pandemic, Foley said at the time that the group had reconsidered its target for staff costs.

To contact the author of this story with feedback or news, email David Ricketts

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