He will take over on 10 October from current CEO John Foley, who is retiring after seven years with the company.

Mr Foley received a remuneration package (including bonus) of £4.4m in 2021 with a base salary of just over £1m. Mr Rossi will be on a lower base salary of £850,000 but performance-related bonuses can potentially boost this to £5.1m. 

Mr Foley will remain at M&G in an advisory capacity until 31 December in order to ensure a smooth transition.

Mr Rossi has worked in financial services for 22 years, mainly in global insurance and asset management and mostly at the AXA Group.

He was CEO of AXA Investment Managers and a member of the group executive committee of AXA Group for six years. He held senior roles at AXA’s insurance business in Europe and internationally.

More recently, he has been a senior adviser to Boston Consulting Group. He will step down from this role after his appointment at M&G.

He is also the co-founder of REsustain, a firm focused on cutting carbon usage in commercial property, where he will remain as a non-executive director. His new M&G appointment has been approved by the PRA and FCA.

Mr Rossi said: ““I have long admired M&G given its history, excellent investment strategies and savings solutions.

“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. There is an excellent team at M&G and I’m excited at the prospect of working with them to take the business forward.”

M&G chair Edward Braham said: “We are delighted to announce the appointment of Andrea Rossi as CEO of M&G. His deep experience in both global asset management and insurance is an ideal fit for M&G. He is an inspiring and proven leader with a strong track record of delivering profitable growth and outstanding client outcomes."

“Throughout what was a thorough and exacting recruitment process, Andrea impressed us with his appreciation of the unique capabilities of M&G, his strong focus on growing M&G, delivering results for shareholders and his commitment to sustainability.”

“I have long admired M&G given its history, excellent investment strategies and savings solutions. 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. There is an excellent team at M&G and I’m excited at the prospect of working with them to take the business forward.”

M&G says that Mr Rossi’s remuneration arrangements will be "in accordance" with M&G plc’s Directors’ Remuneration policy. He will receive a base salary of £875,000 and pension contribution of 13% of salary plus other benefits. He will also be able to participate in a Short-Term Incentive scheme with a maximum annual entitlement of 250% of base salary, subject to performance conditions and pro rata. He will also be eligible to participate in a Long-Term Incentive Plan with a maximum annual share award value of 250% of base salary with 3-year vesting, subject to performance conditions. There is a 12 month notice period.

M&G plc has 5m retail customers and £348.9 billion of assets under management and administration. It has a growing Financial Planning-focused wealth division called M&G Wealth which has acquired several Financial Planning firms, including Sandringham recently.

• In a conference call with investors this morning M&G chairman Edward Braham ruled out a break up of the group. He said the next few years would be difficult for everyone but M&G had many opportunities to grow.