| Miliband pledge on personal taxes Ed Miliband pledges that Labour will not raise personal taxation as he reaffirms its pre-election policy of cutting the deficit in half in four years. bbc.co.uk |
Head of Prudential's US business to quit Clark Manning, chief executive of Prudential's Jackson National, to leave after 15 years of serviceClark Manning, the head of Prudential's US business, is to step down. He will be replaced by Mike Wells.Manning spent 15 years at Jackson National Life Insurance Company, nine as president and chief executive. He will leave Prudential's board, which he joined in 2002, on 1 January 2011.It is understood that he had been looking to leave for some time but Prudential's abortive bid for AIA delayed his departure. He is stepping down as chief executive of Jackson on 1 January and as chairman on 30 April, but will stay on as an adviser until the end of December 2011.Wells, 50, has served as the operation's chief operating officer for the past nine years. He also led the development of Jackson's highly profitable variable annuity business.The UK's biggest life insurer has also strengthened its board with the appointment of Howard Davies, director of the London School of Economics and former chairman of the Financial Services Authority, and Paul Manduca, senior independent director of Wm Morrison, former European chief executive of Deutsche Asset Management and founding CEO of Threadneedle. Manduca will replace James Ross as senior independent director at the start of next year.Davies will also chair the insurer's risk committee which the board is in the process of setting up.Prudential had one board vacancy, as Sir Win Bischoff had not been replaced since his departure last year to become chairman of Lloyds Banking Group.Tidjane Thiam, Prudential's chief executive, said: "Mike has a long and proven career in Jackson across all operations, has been vice-chairman and chief operating officer for the past nine years and was identified as the appropriate successor to Clark some time ago."He also paid tribute to Manning, saying he had "built a leading and respected business and he leaves a strong legacy, having put together over the years a first-class management team and achieved excellent results, as demonstrated by our 2010 half year figures".Manning said: "Choosing a time to step down is never easy, but having navigated the company successfully through the past two years of financial upheaval in the markets and delivered exceptionally strong profitable growth, I feel now is the right time to pass the reins to Mike, who has been my clearly identified successor for some time."PrudentialInsurance industryJulia Kolleweguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds guardian.co.uk |
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