(Reuters) -British insurer Prudential has kicked off the search for a successor to chair Shriti Vadera, the Financial Times reported on Wednesday, citing people familiar with the matter.
Reuters could not immediately verify the report. Prudential did not immediately respond to a Reuters request for comment.
The FT report said Vadera is not expected to leave Prudential imminently but did not include a time for her departure.
Vadera was among people approached for the role of chair at HSBC, which is also listed in London and Hong Kong, but has ruled herself out of the process, the report said.
Vadera, a former Labour business minister and ex chair of Santander UK, became chair of Prudential in 2021, during a period of strategic transformation that included the company’s pivot toward its Asia and Africa businesses.
Prudential has turned to hiring consultancy Spencer Stuart to find a replacement for Vadera, the FT report said.
In April, the company reported a 12% rise in first-quarter new business profit to $608 million, driven by strong growth in its Hong Kong and mainland China operations, where both domestic and visitor markets saw higher volumes and improved margins.
(Reporting by Surbhi Misra in Bengaluru; Editing by Mrigank Dhaniwala)
