Philip Broadley, the former chairman of the Hundred Group of Finance Directors and FD of Prudential, has been appointed group finance director of Old Mutual.

Jonathan Nicholls, the current FD, has stepped down 'to pursue interests outside the life insurance sector', the company said in a stock exchange statement.

Broadley was FD at the Pru for eight years, and is a former Arthur Andersen partner. He starts on 10 November.

Julian Roberts, group chief executive, said: 'I am delighted to have made such a high-calibre appointment in Philip Broadley. Philip's extensive experience and long-standing tenure as Finance Director of one of the largest multinationals in our industry will be a tremendous asset to the Group and we very much look forward to working with him.

'We thank Jonathan for the significant contribution he has made over the last two years and for initiating a number of positive changes to the Group finance function. While we are sad to see him leave, we respect his decision to seek new challenges outside the sector.'

Further Reading:

Read the FT's take on the news

Read the stock exchange statement