Prudential has named Paul Manduca as chairman, replacing Harvey McGrath in July 2012.
Manduca was appointed as an independent non-executive director at Prudential in 2010, before being named senior independent director in January 2011.
Manduca emerged as the favourite for the chairman role despite being initially given the task of leading the search for external candidates.
Prudential has been looking to appoint a new chairman since McGrath announced his intention to step down in December last year. McGrath and Prudential chief executive Tidjane Thiam both faced shareholder criticism following the collapse of a $35bn deal to buy Asian insurer AIA in 2010.
Manduca was formerly Deutsche Asset Management European chief executive from 2002 to 2005, Rothschild Asset Management global chief executive from 1999 to 2002 and Thread- needle Asset Management founding chief executive from 1994 to 1999.
Thiam says: “I am delighted that Paul has accepted the position of Chairman of Prudential plc and very much look forward to working with him. His talents, abilities and judgement will be great assets. I would like to thank Harvey for all he has done for this company. Throughout his time as Chairman, Harvey has led this Board with integrity, determination and courage and I wish him well for the next stage of his long and successful career.”