Prudential is set to appoint Paul Manduca as its new chairman replacing Harvey McGrath, according to reports.
The FT says Manduca, a senior independent director at the UK insurer, has emerged as the favourite, despite being the man tasked with leading the hunt for external candidates to fill the role.
Prudential has been looking to appoint a replacement since McGrath announced his intention to step down in December 2011. The announcement came on the back of shareholder pressure following the failed takeover of Asian insurer AIA for $35bn in 2010.
Last week, Prudential investors voted against an executive pay deal for seven of its directors worth almost £30m.
According to the Telegraph, Manduca, the former chief executive of Rothschild Asset Management, has been chosen by the FTSE 100 insurer’s board after a review of both internal and external candidates.