PRUDENTIAL plc has named Mike Wells to succeed Tidjane Thiam as group chief executive from June 1, 2015.

Mr Wells has served on Prudential's board since January 2011 and is currently president and chief executive of its wholly owned US subsidiary, Jackson National Life Insurance Company.

In a filing on Singapore Exchange, Prudential said Mr Wells has worked in life insurance, retirement services and asset management for 29 years and in senior and strategic positions at Jackson National Life Insurance Company since joining in 1995.

Paul Manduca, chairman of Prudential, said: "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 £415 million (S$837.3 million) 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. The group will make further progress under his leadership."

Mr Manduca said the board is sorry to lose Mr Thiam as its group CEO after he had served for six years. The chairman noted that Mr Thiam has made an "exceptional contribution to the group's success in recent years".

Mr Wells' basic salary will be £1.07 million (S$2.16 million) and he will have a maximum bonus opportunity of 200 per cent of base salary, with 40 per cent of any bonus deferred into the company's shares. Long-term incentive awards will be 400 per cent of base salary.