Prudential chairman Harvey McGrath to retire

20 December 2011 9:52 am | By Paul Thomas

Prudential chairman Harvey McGrath is to retire from his position next year once a successor has been found.

McGrath was appointed as a non-executive director in September 2008 and became chairman of the board and the nomination committee in January 2009.

Prudential has appointed Kaikhushru Shiavax Nargolwala and Alistair Johnston as independent non-executive directors with effect from January 1.

Nargolwala will join the risk and remuneration committees and Johnston will join the audit committee as a replacement for Kathleen O’Donovan, who will retire on March 31. O’Donovan chaired the audit committee from May 2006 to September 2009 and joined the nomination committee in November 2010.

Nargolwala is the non-executive chairman of Credit Suisse Asia Pacific, having joined Credit Suisse in 2008 as a member of the executive board and chief executive of the Asia Pacific region. Johnston was a partner of KPMG from 1986 to 2010 and was global vice chairman from 2007 to 2010.

McGrath says: “It has been a great honour to chair the board of Prudential, but it has been essentially a full-time job and I feel the time is coming when my other commitments deserve more of my time and energy.  My intention is to devote more time to my other interests, particularly my roles in the public, educational and philanthropic sectors. This has been a wish for some time but has just not been possible.”

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