Prudential has promoted John Foley to the new role of group investment director, as part of a senior management reshuffle.
Currently group chief risk officer, Mr Foley will be responsible in his new role for ensuring stronger group oversight of financial investments. He takes up the new post with immediate effect and will remain on the Prudential Board, reporting to chief executive Tidjane Thiam.
Mr Foley will be replaced as group chief risk officer by Pierre-Olivier Bouée, who is currently managing director of the CEO office and business representative for Asia and a member of the board of Prudential Corporation Asia.
Mr Bouée joins the group executive committee, reporting to Sir Howard Davies, chairman of the group risk committee and to Mr Thiam.
Sir Howard said: “These appointments underline the board’s commitment to effective risk management and to stronger oversight of our growing global investment portfolio. I look forward to working with Pierre-Olivier in his new role.”
Mr Thiam added that the growing size of the group, coupled with the increase in global market volatility since the financial crisis, means that it is appropriate to create a new senior role of group investment director to continue to strengthen group oversight of its £405bn of assets under management.
He said: “I am pleased that John has agreed to take on this position. Pierre-Olivier brings to the role of group chief risk officer a deep understanding of Prudential and its business units as well as an outstanding record of strategic insight and project delivery in his previous roles.”