Phil Wagstaff is stepping down from his role as M&G managing director (UK retail) as part of a wider restructure of the firm's sales and marketing operation.
Wagstaff is understood to be taking a break after seven years at M&G and 20 years in the industry.
Under the restructure, John Goddard will now head both UK and international retail while Steve Brear maintains responsibility for IFA and partnership sales. Both will report to chief executive (UK retail) Gary Shaughnessy.
Wagstaff is not to be directly replaced but M&G intends to recruit a high-profile sales director with extensive asset manage-ment experience to strengthen the team.
M&G says the restructure is needed to respond to regulation and to support its multi-channel distribution strategy.
Wagstaff says: “The last seven years have been successful for M&G. The business is in great shape to grow from strength to strength in the future. As M&G moves to the next stage of its development, this is now the right time for me to look for new opportunities and challenges.”
Shaughnessy says: ” The distribution landscape is changing rapidly. It is imp-ortant to keep pace with consumer demand and res-pond to regulation.
“I would like to thank Phil for the very significant role he has played in our recent success. Phil has created one of the highest calibre teams in the UK and leaves us well placed to grow the business from here.”