Prudential PLC (>> Prudential plc), the U.K.'s largest insurer by market capitalization, will appoint Paul Manduca as its new chairman after a five-month search to replace Harvey McGrath, according to The Sunday Times and Sunday Telegraph newspapers, without saying where they got their information.
The Sunday Times reports that Manduca, the former chief executive of Rothschild Asset Management, has been chosen by the insurer's board after a lengthy search of internal and external candidates. The board has passed his name to the Financial Services Authority, which is in the in process of vetting Manduca's credentials and past experience.
Subject to regulatory clearance, Manduca's appointment could be announced as early as this week, according to the report.
The Sunday Telegraph said the two frontrunners, Nigel Rudd, chairman of Invensys PLC (>> Invensys plc), and Glen Moreno, chairman of Pearson PLC (>> Pearson plc), have dropped out of the race, leaving the way clear for Manduca to be appointed chairman.
Manduca plans to step down as chairman of AON UK, the U.K. arm of the global insurance broker, after his appointment, according to both newspapers.
Prudential and the FSA weren't immediately available to comment.
Newspaper Web site: http://www.timesonline.co.uk
Newspaper Web site: http://www.telegraph.co.uk
-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320