City veteran Mike Evans quits as M&G chairman due to a stress-related illness

Stepping down: M&G chairman Mike Evans

The chairman of investment giant M&G has quit due to a stress-related illness.

Mike Evans, who is also a former chairman of Hargreaves Lansdown, took a break at the start of the year. He has now said he will not be coming back. Evans, 59, said: ‘While I am making good progress on my recovery, I do not feel that I would be able to return before the end of the year. 

‘I have therefore decided, in the best interests of the company and to ensure good governance, that I step down.’

Senior independent director Fiona Clutterbuck, who stepped in as interim chairman, is leading the search for a replacement.

Shares in M&G climbed 2.3 per cent. 

Poor results saw clients pull £13.2billion more than they invested last year, up from £8.9billion a year earlier.