London investment outfit M&G kicked off the hunt for a new chief executive today as boss John Foley announced he would step down from the role.
The FTSE 100 firm said Foley, who has been in the role since 2015, will remain in post while chair Edward Braham now oversees the search for a successor.
The outgoing boss has overseen a turbulent period at the investor including M&G Investments’ merger with Prudential in 2017 and subsequent demerger of M&G 2019.
M&G has struggled since the demerger, however, with 2021 profits plunging to £92m, down from £1.14bn in 2020, and its share price sliding six per cent from its initial demerger price.
Braham said Foley had overseen a period of transformation at the firm.
“John has led M&G through significant change and overseen a successful demerger, while steering the Group through the unprecedented events of the pandemic,” he said.
“The business has performed strongly, returning £1.8 billion to shareholders since listing in October 2019. The Board and I look forward to continuing to work with John as we undertake the search for his successor.”
Foley said M&G had reached an “inflection point” and had “strong momentum in its strategic progress”.
“It is now a good time to begin the search for a new CEO to lead M&G during the next phase of its development,” he added.
Braham will now oversee the search for a successor.