11th Feb 2021 08:43
(Alliance News) - Prudential PLC on Thursday announced a new senior leadership team for US business Jackson Financial Inc ahead of its planned separation from the Prudential group.
The London-headquartered insurance firm said Jackson Financial has promoted Chief Operating Officer Laura Prieskorn to chief executive. Prieskorn has been with Jackson Financial for 31 years and was responsible for developing its platform for clients, advisers and distribution partners.
Jackson Financial Senior Vice President Marcia Wadsten has been promoted to chief financial officer, having worked for the company for 29 years playing a role in product design, pricing and risk management.
Current CEO Michael Falcon and CFO Axel Andre both are leaving the company, Jackson Financial added.
"In preparation for Jackson's debut as a public company, we are today appointing an experienced leadership team who combine operational excellence and deep knowledge of the US annuities market. Laura and Marcia have both played important roles in Jackson's development into one of America's leading annuity providers. They have the skills needed to deliver on the company's objectives and create value for shareholders. We thank Michael and Axel for their service and we wish them well," said Group Chief Executive Mike Wells.
Prudential said the separation of Jackson from the group is on track, with plans to proceed with a demerger in the second quarter of 2021.
Prudential had been eyeing a minority initial public offering for Jackson Financial, after receiving pressure from activist fund Third Point LLC to demerge the subsidiary.
However, in January, Prudential said the separation instead will done by means of a demerger, with shares in Jackson to be distributed directly to Prudential shareholders. It said this will lead to a much earlier separation than a minority initial public offering and future sell-downs could have achieved.
Last Thursday, Prudential appointed two new non-executives with pan-Asian experience, Ming Lu and Chua Sock Koong, to join its board, starting on May 1.
Shares in Prudential were down 0.7% at 1,286.00 pence in London on Thursday.
By Zoe Wickens; [email protected]
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