12th Oct 2018 10:22
LONDON (Alliance News) - FTSE 100-listed insurance group Prudential PLC said on Friday it has appointed Michael Falcon as chairman and chief executive officer of its core North American business unit, with effect from January 7, 2019.
Falcon will replacing Barry Stowe, who will retire from his role and the company at the end of 2018 after three year in the role since 2015 and 12 years at Prudential since 2006.
Falcon will be joining Prudential from JP Morgan Chase & Co, where he is currently chief executive officer of the firm's asset management businesses in Asia since 2015.
Falcon has been a part of JP Morgan for seven years since 2010, and before that was a managing director at Merrill Lynch, from 2000 to 2008.
The company's US business contributed roughly 47% of the company's operating profit in 2017.The US business reported an operating pretax profit of GBP2.22 billion in 2017, up 9.0% from GBP2.05 billion the year before. Total group operating profit stood at GBP4.69 billion versus GBP4.26 billion.
"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," said Group Chief Executive Mike Wells.
"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," Wells added.
Shares in Prudential were up 0.9% at 1,596.87 pence on Friday.
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