Insurer Prudential said today it had appointed former banker and government minister baroness Shriti Vadera to chair its business.
Vadera will join from Santander UK where she is chair. She is also senior independent director of mining giant BHP Group.
Vadera was a UK government minister between 2007 and 2009, working on issues such as the UK’s response to the financial crisis. Earlier in her career she was an investment banker with UBS Warburg.
She will succeed Paul Manduca as chair on 1 January and will join the board on 1 May.
Manduca joined Prudential’s board in 2010 and was made chair in 2012.
Vadera will step down from her roles at BHP and Santander before becoming chair.
Santander said it had begun the search for her replacement.
Philip Remnant, Prudential’s senior independent director, said: “Shriti Vadera was the unanimous choice of the board following a rigorous assessment of external and internal candidates from around the world.
“She has senior boardroom experience at complex organisations with extensive international operations, and strong strategic and financial services experience.”
Shriti Vadera said: “It is an honour to be asked to join the Board and to become Chair next year. Prudential combines the highest standards of governance with a strong brand and a dynamic business model. I look forward to working with colleagues and other stakeholders as Prudential continues to focus on fast-growing markets in Asia.”