Prudential has chosen the chief executive of its US subsidiary to replace its outgoing boss Tidjane Thiam.
Mike Wells has served on Prudential’s board since 2011 and is currently chief executve and president of Jackson National Life Insurance Company.
In March it was announced that Mr Thiam would be standing down as chief executive of Prudential after six years to lead Credit Suisse.
Paul Manduca, chairman of Prudential, said: “Under Mike’s leadership Jackson’s profit has doubled and its cash remittances increased to a record £415m in 2014.
“This has all been achieved while continuing to take a disciplined approach to risk management.
“As a member of the board he has contributed to our successful strategy, which has delivered value for our customers and shareholders.”
Mr Wells, who joined Jackson in 1995 as president of Jackson National Life Distributors LLC, will take on his new role from 1 June.
Following the announcement of Mr Thiam’s departure in March, Prudential’s share price closed 2.4 per cent lower than at opening while Credit Suisse closed 8.1 per cent higher.
Analyst view
Barrie Cornes, an analyst with Panmure Gordon, said: “I think it is a great appointment.
“Obviously he has big shoes to fill because Tidjane Thiam has been a huge success, but I think Mike Wells is the ideal person to follow him.
“We are not anticipating any great changes because he has been on the board and is familiar with the strategy.”
