Lloyds' Devey to be new Prudential CEO

Prudential has poached Lloyds Banking Group’s Rob Devey, to take up the role of chief executive of Prudential UK and Europe.

Devey, who has also been appointed to sit on Prudential’s board, will succeed Nick Prettejohn, who will leave the company in September 2009. A starting date for Devey is yet to be confirmed.

Prior to joining Prudential, Devey worked in a number of senior leadership roles across the insurance and retail banking sectors at Lloyds Banking Group, including managing director of HBOS Financial Services and managing director of HBOS General Insurance.

Mark Tucker, group chief executive of Prudential plc, says: “Rob has clearly demonstrated his capability in complex leadership roles and I look forward to welcoming him to the Group.

“I am very sorry to see Nick Prettejohn leave Prudential and want to thank him for his outstanding contribution in developing and implementing a highly effective strategy that has dramatically improved the performance and profitability of the UK business. Nick leaves a strong legacy and he should be proud of his achievements in transforming the UK business."