Prudential chairman Harvey McGrath to retire

Prudential have announced that chairman Harvey McGrath is to retire from the board of directors in 2012 once a successor has been found.

He was appointed as a non-executive director in September 2008 and became chairman in January 2009. Non-executive director Kathleen O'Donovan will also retire next year on 31 March.

McGrath said he was stepping down to devote more time to other interests, including charity work.

"It has been a great honour to chair the board of Prudential, but it has been essentially a full-time job and I feel the time is coming when my other commitments deserve more of my time and energy," he said.

"Prudential is performing very well, there is a strong and reinvigorated Board in place and we are fortunate to have a chief executive of Tidjane Thiam's calibre driving the business."

Prudential also announced the appointment of Kaikhushru Shiavax Nargolwala and Alistair Johnston as independent non-executive directors with effect from 1 January 2012.

Nargolwala, non-executive chairman of Credit Suisse Asia Pacific, will join the risk and remuneration committees. Johnston, a former partner and vice chairman at KPMG, will join the audit committee.