Prudential PLC: North American Head Barry Stowe Will Retire at End of 2018
October 12 2018 - 4:18AM
Dow Jones News
By Adam Clark
Prudential PLC (PRU.LN) said Friday that Barry Stowe will retire
as chairman and chief executive of its North American business,
which includes Jackson National Life Insurance, at the end of
2018.
The U.K.-based financial services company said Mr. Stowe will
step down on Dec. 31 and remain as an adviser.
He will be replaced by Michael Falcon, currently chief executive
of JPMorgan Chase & Co.'s (JPM) asset management business in
Asia. Mr. Falcon will take over on Jan. 7.
Prudential is currently preparing to separate its
U.K.-and-European unit from its Asian and U.S. operations. Analysts
have speculated that the move may eventually pave the way for a
spin off of the U.S. unit.
The North American business comprises Jackson, Jackson National
Asset Management and investment manager PPM America.
Shares at 0841 GMT were up 1.1% at 1,599 pence.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
October 12, 2018 05:03 ET (09:03 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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