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Head of Prudential's US business to become new CEO

[BENGALURU] The head of the US division of Britain's Prudential Plc, Mike Wells, was elected late on Monday by the board to succeed Tidjane Thiam as the new chief executive officer of Prudential, Sky News reported.

Mr Wells is currently president and chief executive officer of Jackson National Life Insurance, a Prudential subsidiary.

Prudential said on early Tuesday that its shares on Hong Kong stock exchange have been halted.

Mr Wells has been with Prudential for 15 years and has been a part of Prudential's board since 2011, the website said.

Tidjane Thiam, who was Prudential's head since 2009, is set to replace Credit Suisse AG's Brady Dougan as chief executive officer, according to media reports.

Mr Wells' appointment is unlikely to be official for several weeks, as regulators have yet to approve it, Sky News said.

Reuters reported, citing sources, that Credit Suisse CEO Dougan is set to step down as early as Tuesday.

Sky News said the following candidates had also been considered as potential replacements for Thiam: Jackie Hunt, who runs Prudential in the United Kingdom and Europe; and Finance Director Nic Nicandrou.

Prudential could not be reached immediately for comments outside regular business hours.