LONDON : The incoming chief govt of Asia-focused insurer Prudential may be based outside Hong Kong initially, a spokesperson mentioned on Friday, because the monetary hub grapples with a surging COVID-19 pandemic.
Prudential final week arrange a brand new base for its high executives in Asia relatively than London, with outgoing CEO Mike Wells to retire subsequent month.
Prudential’s Asia headquarters are situated in Hong Kong, although the group is domiciled in London.
“We expect the new CEO may be based outside of Hong Kong until, from a practical perspective, it is easier to be able to run a pan-Asian and African business from there,” a spokesperson mentioned by e-mail.
Current finance boss Mark FitzPatrick will change into Prudential’s interim CEO, although he has requested to not be thought of for the CEO place.
FitzPatrick instructed the Financial Times earlier on Friday that Hong Kong’s two-week lodge quarantine interval created an “element of friction”.
Hong Kong chief Carrie Lam mentioned on Friday that it could take as much as three months to stabilise a worsening COVID-19 pandemic that has overwhelmed well being services and compelled the postponement of an upcoming management election.
(Reporting by Carolyn Cohn; enhancing by David Evans)