Devey to take Pru helm as Prettejohn quits

Published on Thursday 2 July 2009 21:20

PRUDENTIAL yesterday named a new head of its UK operations, in the second major change at the top of the insurance giant in a year.

Former HBOS executive Rob Devey will take over as chief executive of Pru UK and Europe after Nick Prettejohn said he was to step down in September – just before group chief executive Mark Tucker's departure on 1 October.

Devey joins from Lloyds Banking Group, where he heads telephone and banking operations for the retail division.

Pru declined to comment on the reasons behind Prettejohn's decision to step down or whether he had secured another job. However, it is understood that he was one of those in the running to succeed Tucker at the top of the group – a role awarded to finance director Tidjane Thiam.

Speculation has recently put Prettejohn in the frame to replace Sir Sandy Crombie as group chief executive at Standard Life, although it is understood he is unlikely to be chosen for the top job at the Edinburgh-based insurer.

Prettejohn joined the Pru three and a half years ago from Lloyd's of London, which he headed as chief executive for six years.

Pru's incoming boss Thiam said: "I am very sorry that Nick Prettejohn has decided to leave the group, where he has made an outstanding contribution and want to wish him well with his next challenge."