Latest news with #strategictransformation
Yahoo
7 days ago
- Business
- Yahoo
Prudential begins search to replace chair Shriti Vadera, FT reports
(Reuters) -British insurer Prudential has kicked off the search for a successor to chair Shriti Vadera, the Financial Times reported on Wednesday, citing people familiar with the matter. Reuters could not immediately verify the report. Prudential did not immediately respond to a Reuters request for comment. The FT report said Vadera is not expected to leave Prudential imminently but did not include a time for her departure. Vadera was among people approached for the role of chair at HSBC, which is also listed in London and Hong Kong, but has ruled herself out of the process, the report said. Vadera, a former Labour business minister and ex chair of Santander UK, became chair of Prudential in 2021, during a period of strategic transformation that included the company's pivot toward its Asia and Africa businesses. Prudential has turned to hiring consultancy Spencer Stuart to find a replacement for Vadera, the FT report said. In April, the company reported a 12% rise in first-quarter new business profit to $608 million, driven by strong growth in its Hong Kong and mainland China operations, where both domestic and visitor markets saw higher volumes and improved margins.
Reuters
7 days ago
- Business
- Reuters
Prudential begins search to replace chair Shriti Vadera, FT reports
July 23 (Reuters) - British insurer Prudential (PRU.L), opens new tab has kicked off the search for a successor to chair Shriti Vadera, the Financial Times reported on Wednesday, citing people familiar with the matter. Reuters could not immediately verify the report. Prudential did not immediately respond to a Reuters request for comment. The FT report said Vadera is not expected to leave Prudential imminently but did not include a time for her departure. Vadera was among people approached for the role of chair at HSBC (HSBA.L), opens new tab, which is also listed in London and Hong Kong, but has ruled herself out of the process, the report said. Vadera, a former Labour business minister and ex chair of Santander UK, became chair of Prudential in 2021, during a period of strategic transformation that included the company's pivot toward its Asia and Africa businesses. Prudential has turned to hiring consultancy Spencer Stuart to find a replacement for Vadera, the FT report said. In April, the company reported a 12% rise in first-quarter new business profit to $608 million, driven by strong growth in its Hong Kong and mainland China operations, where both domestic and visitor markets saw higher volumes and improved margins.
Zawya
21-07-2025
- Business
- Zawya
Saudi Awwal Bank records $1.15bln net profit after Zakat and Income Tax for H1 2025
Lubna S. Olayan, Chair of the Board of Directors of Saudi Awwal Bank (SAB), announced today its financial results for the six-month period ending 30 June 2025, reflecting steady growth across key indicators and continued momentum in SAB's strategic transformation. For the first six months of 2025, SAB generated a net profit after Zakat and income tax of SR4.262 billion, reflecting a 5% year-on-year increase. Total operating income rose to SR7,341 million, supported by higher loan volumes and a strong deposit base. Net loans and advances reached SR283 billion, and customer deposits increased to SR297 billion. Return on tangible equity stood at 15.5%, aligned with the Bank's medium-term performance targets. Lubna Olayan, Chair of SAB, said: 'Our H1 performance demonstrates consistent delivery against our long-term strategy. In a changing macroeconomic environment, we remained focused on what matters most: serving customers, improving efficiency, and building resilience. The momentum across our lending and funding platforms reflects the depth of our capabilities and the strength of execution across the Bank.' She added: 'From operational discipline to digital innovation, we are investing in future-ready banking. Our performance is not just a reflection of market conditions, but rather a result of deliberate choices that support long-term value creation for our stakeholders.' In the first half of 2025, SAB made significant strides in advancing its strategic objectives. The Bank achieved a 9% increase in total loans, reflecting robust growth across our well-respected large and institutional corporate segments, as well as retail, housing, and SME segments. The mortgage growth supported SAB's continued leadership in the national homeownership initiative, maintaining its #3 ranking in REDF originations under Vision 2030. Our strong relationship with HSBC also enables us to capture significant share of the flow of multinationals coming into the Kingdom, which results in both lending and increased off balance sheet commitments. Operational efficiencies contributed to an improved cost-to-income ratio, driven by disciplined management and digital process enhancements. Additionally, SAB strengthened its deposit base and liquidity buffers, ensuring we remain a well-funded Bank to support future growth aspirations. The Bank also maintained strong asset quality and continued to generate solid returns, demonstrating its stability and ongoing progress toward strategic goals. The Bank earned several notable industry recognitions in the same period, including the Best Bank in Saudi Arabia for 2025 by Euromoney. It also received awards for Best Innovation in Financial Performance and Best Bank for ESG, among others. As part of its transformation journey, SAB launched a World-Class Financial Services Innovation Centre in 2025. The centre is designed to accelerate innovation in digital banking, customer experience, and promote sustainable finance, further anchoring SAB's leadership in shaping the future of financial services in the Kingdom. Olayan concluded: 'SAB's strategy is built on innovation, trust, and long-term impact. Our strong performance, combined with the depth of our partnerships and the confidence of our customers, positions us well for the future. I thank our team, our Board, our regulators, and our clients for their continued support as we drive progress on all fronts.' © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Arab News
09-07-2025
- Business
- Arab News
Savola Group announces leadership transition
Savola Group, a strategic investment holding company in the food and retail sectors across the MENA region, has announced a leadership transition to further progress the group's strategic transformation. The board of directors accepted the resignation of Waleed Khalid Fatani from his position as CEO of Savola Group. The move is in line with the group's strategic transformational direction that focuses on the food sector, following a successful tenure marked by major milestones. These include the launch of a SR6 billion ($1.6 billion) rights issue to strengthen the group's capital position, as well as the distribution of Savola's entire stake in Almarai to its shareholders. Meanwhile, Sameh Mahmoud Hassan has been named the new Savola Group CEO based on the recommendation of the Remuneration and Nomination Committee. Hassan currently holds the position of the CEO of Savola Foods Company (a wholly owned subsidiary of Savola Group) since December 2018. He is a seasoned executive in the FMCG and food industries. He will continue to lead Savola Foods in addition to being group CEO. This leadership change reflects the group's continued evolution, with Savola Foods at the center of its future growth ambitions. Sulaiman A.K. Al-Muhaidib, chairman of Savola Group, said: 'The appointment of Sameh Hassan marks a new phase in Savola's journey as we focus our efforts on building a scaled and integrated food platform with regional and global ambitions. On behalf of the board, I thank Fatani for his leadership and contributions. With Hassan at the helm, Savola is well-positioned to accelerate its growth in the food sector while continuing to manage its broader portfolio in a value-maximizing manner.' Fatani said: 'It has been a privilege to lead Savola during this transformative period.' I am proud of what we have accomplished together — from the execution of value-enhancing transactions to laying the foundation for the future with Savola Foods at the center of its future growth ambitions. I am confident that Sameh Hassan will continue this momentum and take the group to even greater heights.' Incoming CEO Hassan said: 'It is an honor to take on the role of group CEO at this pivotal time. We will continue to build on Savola's heritage and strengths, driving sustainable growth in our food platform. I look forward to working closely with the board and our teams to execute this next chapter of our strategy.'
Globe and Mail
04-06-2025
- Business
- Globe and Mail
When it comes to talent, companies are usually better off with the internal candidate they know
Brooke Struck is the founder and principal facilitator at Converge, which supports organizations through strategic and cultural transformation. David Knechtel is the managing director at Client Counsel. The next five years will be a critical time for talent management because by 2030 even the youngest Baby Boomers will turn 65. But there's a persistent challenge to making the most of your people's potential: when it's time for change, we too often reach outside the organization, dreaming of that superstar who is just waiting to arrive – if only we can find them. When external talent is brought in, they usually command about 18 per cent higher compensation than an internal candidate, according to a report in Administrative Science Quarterly. That pay increase wouldn't be so bad, except that they perform worse than internal promotions over the first 24 months. Bad goes to worse when you consider that external hires are 20 per cent more likely to leave the organization – during their first year alone, according to an article from Deloitte Insights. Perhaps you've seen this inside your own organization. We have. David was working with a team who needed a leader for a national team. The previous hire had been brought in from the outside, through a previous collaboration with an executive. Her start on the job hadn't been a resounding thunderclap of success. Early stumbles were chalked up to 'settling in,' early wins were all celebrated as evidence of her stardom (and of the even more impactful outcomes expected down the road). But those eye-popping results never materialized. After some months, things still weren't working out, and by this time the honeymoon period was over. Both sides realized that a change was needed. Nevertheless, the leadership team still believed (in the face of this recent negative experience) that the external route was the way to go when replacing their previous 'superstar.' They weren't moved by the reality that 75 per cent of internal hires succeed in their new roles or that among internal hires nearly half stay a further 3 years with the company, according to HRForecast. Rather, internal candidates were discounted as 'just not ready' or 'not strategic enough.' The reality though is that, unsexy as it is, we're usually better off with the candidate we know well – warts and all – even if they lack any of the outsider's mystique. After many discussions among the team David was working with, senior leadership finally agreed to 'take the chance' on an internal candidate. For the team, it was a huge win to see a trusted manager advance and there were a number of unexpected benefits: faster decision-making, better understanding of the evolving marketplace and a wider number of existing relationships that could be leveraged. And the team achieved their best performance ever as a result. These dimensions start to tell the story behind the numbers. Internal candidates bring a depth of organizational know-how and relationships with them to their new roles, starting from Day 1. This helps them to be more effective in the early going. Relationships also keep people in jobs, which can help to explain why internal hires stay longer. They understand their colleagues and can be more effective by driving greater performance of those around them. Finally, when a close-knit team sees the leadership team valuing their work and trusting them to deliver more, they're encouraged to rise to the challenge. They see that there really are opportunities worth seizing, improving employee loyalty. This will be especially important in the coming years, as nine in 10 Millennials prioritize career growth potential as an essential consideration when deciding to take a job, according to Robert Walters. With the turnover to come, organizations that demonstrate that advancement opportunities are real will have an advantage in the competition for talent. So how do we decide when an internal or external hire might be a better choice? Here are some practical tips to consider, given your situation: It's very du jour these days to encourage team members to take a growth mindset. What we're advocating here is that – if we want our team members to succeed and our organizations along with them – it's not enough for employees to take a growth mindset about themselves. We as leaders need to have a growth mindset about them as well. This column is part of Globe Careers' Leadership Lab series, where executives and experts share their views and advice about the world of work. Find all Leadership Lab stories at and guidelines for how to contribute to the column here.
