M&G has appointed Clare Bousfield as managing director, retail and savings.

Retail and savings consist of M&G Wealth and the Heritage Business, which includes the Prudential-branded operations in UK and Europe.

In this newly-created role, Ms Bousfield will lead the expansion of M&G Wealth in the UK, and complete the transformation of the Prudential-branded operations to improve customer outcomes and generate business efficiencies.

Ms Bousfield will hand over her responsibilities as chief financial officer to the deputy CFO, Paul Cooper, who will act on an interim basis while M&G conducts a search for a replacement.

Given the expected time commitments of her new role and her regulatory responsibilities with respect to Prudential Assurance Company Limited she will also step down from the PLC Board.

John Foley, chief executive, said: “Clare is the ideal leader to bring fresh impetus to this part of our business, given her financial insight, knowledge of the operations and strong relationships. This appointment and a number of other leadership changes I am making today position us well for the next phase of M&G’s ambitions and our strategy to return to sustainable growth.”