Prudential PLC Directorate Change (8739D)
October 12 2018 - 3:30AM
UK Regulatory
TIDMPRU
RNS Number : 8739D
Prudential PLC
12 October 2018
12 October 2018
Barry Stowe to retire as Chairman and Chief Executive of North
American Business Unit,
to be succeeded by Michael Falcon
Prudential plc ("Prudential") today announces that Barry Stowe
has decided to retire as Chairman and Chief Executive Officer of
its North American Business Unit and as an Executive Director of
Prudential plc on 31 December 2018. He will remain as an adviser to
the Group and will be succeeded, subject to regulatory approval, by
Michael Falcon on 7 January 2019.
Mr Falcon has almost two decades of senior experience in the
savings and retirement industry. He was Chief Executive of JP
Morgan Asset Management's retirement businesses in the US and
currently leads the firm's asset management businesses in Asia. He
has also served as Head of Merrill Lynch's Retirement Group, with
responsibility for several businesses serving individual and
employer retirement plans. Mr Falcon will divide his time between
Nashville, Tennessee and Lansing, Michigan.
Paul Manduca, Chairman of Prudential plc, said: "On behalf of
the Prudential Board, I would like to thank Barry for his
exceptional service to the Group over so many years. Barry's
experience, expertise and leadership have played an important part
in the success of the Group throughout his time with us. Michael
has a wealth of experience from a distinguished career in the
savings and retirement industry and I look forward to working with
him in the future."
Mike Wells, Group Chief Executive of Prudential plc, said: "I
would like to thank Barry for his exceptional contribution to
Prudential over the last 12 years. Under his leadership our Asian
business grew to become the market-leading operation it is today,
and more recently he has positioned our US businesses for continued
success in serving the needs of American retirees. I wish him all
the very best for the future.
"I am delighted that Michael is joining Prudential. The demand
among Americans for a secure income in retirement is a huge social
need and an attractive long-term business opportunity for the
Group. Michael's deep expertise and impressive track record in this
dynamic industry mean that he is well placed to lead the next phase
of our development in North America."
Barry Stowe said: "I am pleased to be handing the reins to
Michael. I have loved my experience at Prudential in Asia and in
the United States, but after a career spanning almost 40 years I
feel strongly that it's time for a change. I would like to thank
all of my colleagues for their support and hard work over so many
years. I have no doubt whatsoever that Prudential's US businesses
will flourish under Michael's leadership and I wish him and the
team every possible success."
Michael Falcon said: "I am delighted to be joining the team at
the North American Business Unit, which has consistently delivered
positive results for consumers and shareholders. I look forward to
building on this success to further meet the growing retirement
needs of American families."
Enquiries:
Media Investors/Analysts
+44 (0)20 7548 +44 (0)20 7548
Jonathan Oliver 3537 Chantal Waight 3039
+44 (0)20 7548 +44 (0)20 7548
Tom Willetts 2776 Richard Gradidge 3860
+44 (0)20 3480
William Elderkin 5590
Notes to Editors:
About Michael Falcon
Michael Irving Falcon has been based in Hong Kong as Chief
Executive Officer of Asia Pacific for JP Morgan Asset Management
since 2015 and Head of Asia Pacific Funds since 2014. He joined JP
Morgan Asset Management in New York as Head of Retirement in 2010,
responsible for investment management and plan service businesses
in the defined contribution, individual retirement and taxable
savings market. Mr Falcon began his career in commercial and
investment banking at Chase Manhattan Bank in 1985. Between 1989
and 2000, Michael worked at Sara Lee Corporation (now Hanesbrands,
Inc) in a variety of senior financial, strategic and general
management roles, based in Chicago, Paris and Winston-Salem, North
Carolina. Between 2000 and 2008 he worked at Merrill Lynch, serving
as Head of the Retirement Group and other roles, including Head of
Strategy and Finance for the US Private Client business. Mr Falcon
later served as a Consultant and Strategic Adviser to companies in
the retirement, equity awards, wealth management and asset
management industries until joining JP Morgan Asset Management in
2010. Michael has served as a Trustee and Executive Committee
Member of EBRI (the Employee Benefit Research Institute) and was
founding Chairman of the Advisory Board of EBRI's Center for
Retirement Income Research between 2011 and 2014. He holds a degree
in Finance from Indiana University. Age 55.
Employment details
Prudential is committed to full disclosure of the remuneration
of its Executives.
Michael Falcon's annual salary will be US$800,000. He will have
a maximum bonus opportunity of 100 per cent of salary under the
Annual Incentive Plan and will receive 10 per cent of the Jackson
bonus pool with 40 per cent of any bonus deferred. Long-term
incentive awards will be 400 per cent of salary. The Company will
support Michael's relocation from Hong Kong to the US.
Any unvested awards that Mr Falcon forfeits as a consequence of
joining Prudential will be replaced on a like-for-like basis, with
replacement awards released in accordance with the original vesting
timeframe attached to the forfeited awards. The Company may make
use of Listing Rule 9.4.2 in order to make these replacement
awards, as provided for by the Directors' Remuneration Policy.
Mr Falcon has not been appointed for a fixed term but his
service contract contains a notice provision under which either
party may terminate upon 12 months' notice.
Regulatory disclosures
Save as disclosed above, there is no further information
required to be disclosed pursuant to Listing Rule 9.6.13(1) - (6)
of the Listing Rules of the Financial Conduct Authority and Rule
13.51(2) of the Rules Governing the Listing of Securities on the
Stock Exchange of Hong Kong Limited.
Shareholding
Mr Falcon holds no interest in any shares of Prudential plc.
About the North American Business Unit
The North American Business Unit comprises the leading
retirement income provider Jackson National Life Insurance Company,
the investment adviser Jackson National Asset Management and the
institutional asset manager PPM America.
About Prudential plc
Prudential plc and its affiliated companies constitute one of
the world's leading financial services groups, serving over 26
million customers, with GBP664 billion of assets under management
(as at 30 June 2018). Prudential plc is incorporated in England and
Wales and is listed on the stock exchanges in London, Hong Kong,
Singapore and New York. Prudential plc is not affiliated in any
manner with Prudential Financial, Inc., a company whose principal
place of business is in the United States of America.
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END
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