Jackson National’s Wells to head parent firm Prudential
May 6, 2015 by IFAwebnews Staff
Prudential has chosen the head of its U.S. business, Mike Wells, to succeed Tidjane Thiam as CEO of the London-based insurer.
Wells, 55, has been with Jackson National Life Insurance since 1995 and at the helm of the firm since 2010. He will assume his new role as CEO of parent firm Prudential on June 1.
Thiam is moving to head Credit Suisse.
Wells will receive a salary reportedly more than $11 million.
Chairman Paul Manduca said in the statement. “Following a rigorous succession-planning process, we have found a fitting and experienced successor,” Prudential Chairman Paul Manduca said. “Under his leadership (Wells’), Jackson’s profit has doubled.”
The search for a successor for Wells has begun.
Prudential has said in recent years that it sought to expand Asian life and investment management businesses, fuelled by rising demand for insurance among Asia’s growing middle class.
Thiam, credited with delivering strong performance at the London and Asia-listed firm, stepped down in March to take the helm at Credit Suisse.
In the United States, Jackson National has been focusing on variable annuities, pension products which give a variable rate of income often above a guaranteed minimum level, rather than the fixed-rate annuities seen in the British pensions market.
