Prudential has appointed a new chief executive and executive director of Prudential with immediate effect.

John Foley was appointed interim chief executive of Prudential UK & Europe in October last year and has now taken up the permanent role after an “internal and external search”.

He has held numerous positions at Prudential since joining in 2000 including group investment director, group chief risk officer as well as senior investment and risk management positions.

Mr Foley will remain responsible for Prudential Capital and Prudential Portfolio Management Group.

Paul Manduca, chairman of Prudential, said: "John has more than 35 years' experience in financial services and an in-depth knowledge of Prudential UK & Europe. His appointment, which followed an internal and external search, demonstrates once again the value of the Board's rigorous succession planning process."

Mr Foley said: “I am delighted that I am joining the team at Prudential UK & Europe on a permanent basis. I know the business well and look forward to helping it to continue to meet the needs of our millions of customers in the fast-changing UK market.”