SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of January, 2006
PRUDENTIAL PUBLIC LIMITED COMPANY
(Translation of registrant's name into English)
LAURENCE POUNTNEY HILL,
LONDON, EC4R 0HH, ENGLAND
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-
Enclosures: Egg Board Changes dated 31 January 2006
Embargo: 9.01am 31 January 2006
Appointment of Mark Nancarrow as Chief Executive of Egg and Kieran Coleman as
Chief Financial Officer.
The Board of Prudential plc ("Prudential") notes the announcement made today by
Egg plc concerning the departure of Paul Gratton, Egg Chief Executive, with
effect from 20 February and the appointments, with immediate effect, of Mark
Nancarrow as Chief Executive and Kieran Coleman as Chief Financial Officer.
Paul is committed to effect a comprehensive handover as well as completing the
delisting process.
Nick Prettejohn, Chief Executive of Prudential's UK Insurance Operations, will
have Prudential plc Board responsibility for the Egg Group and will also join
the Egg Board.
Mark Nancarrow, 45, became Egg's CFO in May 2005 having previously served as the
Egg Group Managing Director of Banking, from October 1999 and, since 2000, as
Egg's Chief Operations Officer. Prior to joining Egg in 1998, Mark held senior
positions at Midland Bank and Watson Wyatt Partners.
Kieran Coleman, 36, has been Finance Director of Egg since October 2004.
Previously he was Group Financial Controller and Head of Investor Relations
following Egg's IPO in 2000. Prior to joining Egg in 1996, he worked with
Arthur Andersen in Dublin. He becomes Chief Financial Officer with immediate
effect and joins the Board of Egg plc.
Mark Tucker, Group Chief Executive of Prudential, said:
"Mark's background and experience mean that he is well suited to lead Egg to the
next stage in its development at this exciting time. Kieran has been an
important part of the Egg team from its earliest days. They will both work with
Nick to accelerate the capture of revenue opportunities and cost savings as our
UK businesses work more closely together following the recent minority share
buyback.
"At the same time, I would like to extend Prudential's thanks to Paul Gratton
for his significant contribution since joining Prudential Banking in 1996. Paul
has led Egg through a period of huge transformation to build an innovative,
thriving and profitable online business. We wish him well for the future."
Mark Nancarrow said:
"I am delighted to take on the Chief Executive role at this exciting time in
Egg's development. There is huge potential for Egg and Prudential's UK
businesses through greater collaboration, as Prudential builds its offering in
retail financial services. I am looking forward to working with Nick and the UK
management team to deliver strong, profitable growth."
Paul Gratton said:
"Building Egg to become the successful business it is today has been an immense
and rewarding challenge. However, with the acquisition of the minority and the
proposed delisting of Egg presents an opportunity for Egg to have someone new at
the helm.
"I would like to thank the excellent team that has worked with me over the past
ten, exciting years and also all Egg People who have shown unstinting loyalty to
me and the company in particular during the uncertainty of Egg's future over the
past two years. Mark has been an integral part of Egg's success over the last
eight years and has a great grasp of the business and its potential and I wish
him every success as he takes over the reins."
- ENDS -
Enquiries:
Media Investors / analysts
Jon Bunn 020 7548 3559 James Matthews 020 7548 3561
William Baldwin-Charles 020 7548 3719 Marina Novis 020 7548 3511
Notes to Editors
1. Biographies:
Mark Nancarrow
Mark Nancarrow became Egg's Chief Financial Officer in May 2005 having been
Egg's Chief Operations Officer, accountable for its UK business, since 2000. He
served as the Egg Group Managing Director of Banking, from October 1999. Prior
to joining Egg in 1998, Mark held senior positions at Midland Bank and Watson
Wyatt Partners. He holds a Degree in Law and Accountancy from Cardiff
University.
Kieran Coleman
Kieran joined Prudential Banking plc in June 1996 and was appointed Financial
Controller in January 1997. He successfully led the team working on the Egg IPO
in June 2000 following which he became Group Financial Controller and Head of
Investor Relations. In October 2004 Kieran was appointed Egg's Finance
Director. Prior to joining Prudential he worked for Arthur Andersen in Dublin.
2. Egg
Prudential announced on 1 December 2005 the terms of a recommended offer for the
whole of the issued and to be issued shares of Egg not already owned by
Prudential Group, representing approximately 21.7 per cent of the existing
issued share capital of Egg.
On 23 January 2006, Prudential announced that the Group's share ownership of Egg
had risen to 95.7 per cent of the entire issued ordinary share capital and that
it had applied to delist Egg from 20 February 2006.
*Prudential plc, a company incorporated and with its principal place of business
in the United Kingdom, and its affiliated companies constitute one of the
world's leading financial services groups. It provides insurance and financial
services directly and through its subsidiaries and affiliates throughout the
world. It has been in existence for over 150 years and has GBP214 billion in
assets under management, (as at 30 June 2005). Prudential plc is not
affiliated in any manner with Prudential Financial, Inc, a company whose
principal place of business is in the United States of America.
Forward-Looking Statements
This statement may contain certain "forward-looking statements" with respect to
certain of Prudential's plans and its current goals and expectations relating to
its future financial condition, performance, results, strategy and objectives.
Statements containing the words "believes", "intends", "expects", "plans", "
seeks" and "anticipates", and words of similar meaning, are forward-looking. By
their nature, all forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances which are beyond
Prudential's control including among other things, UK domestic and global
economic and business conditions, market related risks such as fluctuations in
interest rates and exchange rates, and the performance of financial markets
generally; the policies and actions of regulatory authorities, the impact of
competition, inflation, and deflation; experience in particular with regard to
mortality and morbidity trends, lapse rates and policy renewal rates; the
timing, impact and other uncertainties of future acquisitions or combinations
within relevant industries; and the impact of changes in capital, solvency or
accounting standards, and tax and other legislation and regulations in the
jurisdictions in which Prudential and its affiliates operate. This may for
example result in changes to assumptions used for determining results of
operations or re-estimations of reserves for future policy benefits. As a
result, Prudential's actual future financial condition, performance and results
may differ materially from the plans, goals, and expectations set forth in
Prudential's forward-looking statements. Prudential undertakes no obligation to
update the forward-looking statements contained in this statement or any other
forward-looking statements it may make.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date 31 January 2006
PRUDENTIAL PUBLIC LIMITED COMPANY
By: /s/ Jon Bunn
Jon Bunn
Director of Public Relations