LONDON (Reuters) – British investment manager M&G said on Thursday that Andrea Rossi, a former head of AXA Investment Managers, will take over as Chief Executive Officer of the company.

Rossi will replace John Foley, who led M&G’s split from parent Prudential in 2019, and who announced in April his intention to retire.

Most recently, Rossi served as senior adviser to Boston Consulting Group. The appointment has been approved by the PRA and FCA, M&G said.

I am honoured to have been selected as its next CEO and look forward to driving growth in the business while at the same time improving its efficiency to better serve client needs”, said Rossi, who will earn a base salary of 875,000 pounds ($942,725) plus incentives.

($1 = 0.9282 pounds)

(Reporting by Andres Gonzalez, editing by Sinead Cruise)