Prudential names Paul Manduca as new chairman

Prudential, Britain’s biggest insurer, has appointed Paul Manduca as its new chairman, ending a five-month search for a successor to the outgoing Harvey McGrath.

Manduca founded British fund manager Threadneedle and has been Prudential’s senior independent director since January 2011 and will take over as chairman on 2 July.

Manduca will have to deal with a number of challenges, including the recent shareholder pay revolt that saw a third of Prudential investors voting against the company’s executive pay plans and the threat of forthcoming Solvency II reforms.

Former chairman McGrath announced his departure in December, seven months after a fifth of Prudential shareholders voted against his reappointment in protest over the company’s failed $35.5bn (£22.6bn) bid for Asian rival AIA in 2010.