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 pound ($941,000) a year role on July 2, taking over from McGrath, who had weathered criticism over Prudential's failed 22 billion pound 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.
Manduca had been charged with leading the search for McGrath's replacement after the chairman announced plans to retire in 2010. Manduca had initially ruled himself out of the process but eventually handed the reins of the search over to a fellow board member after he was invited to put his name forward for the role of chairman.
In a statement, Manduca praised the leadership of Chief Executive Tidjane Thiam for helping the company generate strong returns for shareholders, despite the challenging macroeconomic climate, and said he is excited about his new role.
Thiam in turn said Manduca's "talents, abilities and judgment will be great assets" and thanked McGrath for all he has done for the company in the three and a half years he served as chairman.
Prudential said that Manduca's appointment has been approved by Britain's Financial Services Authority and will be followed by the appointment of a new senior independent director.