1st May 2015 10:45
LONDON (Alliance News) - Prudential PLC Friday said it has appointed the head of its US subsidiary to succeed Tidjane Thiam, who is departing after about six years as the life insurer's chief executive to replace Brady Dougan as the CEO of Swiss bank Credit Suisse AG.
In a statement, Prudential said it is appointing Mike Wells, who has been the chief executive of its Jackson National Life Insurance Company since January 2011, to replace Thiam. Wells is already on Prudential's board of directors.
"Following a rigorous succession planning process, we have found a fitting and experienced successor to Tidjane in Mike Wells, who has extensive experience of life insurance and asset management. Under his leadership, Jackson's profit has doubled and its cash remittances increased to a record GBP415 million in 2014. This has all been achieved while continuing to take a disciplined approach to risk management," Chairman Paul Manduca said in a statement.
Wells' basic salary will be GBP1.1 million and his maximum bonus will be 200% of his salary, with 40% of that amount being deferred into shares. Long-term incentive awards will be 400% of his base salary. Prudential said it will "support" Wells' move to London from the US.
Prudential shares were down 0.7% at 1,618 pence on Friday.
By Samuel Agini; [email protected]; @samuelagini
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