Prudential names Michael Falcon to lead North American business unit

Bengaluru

BRITAIN'S largest listed insurer Prudential Plc said that it had appointed JP Morgan's Asia asset management business boss Michael Falcon to lead its North American business unit, effective Jan 7.

Mr Falcon, who has two decades of senior experience in the savings and retirement industry, takes over as chairman and chief executive officer from Barry Stowe, who will retire at the end of this year.

Prudential's North American business unit includes retirement income provider Jackson National Life Insurance Company, the investment adviser Jackson National Asset Management and the institutional asset manager PPM America.

Mr Falcon, 55, who will relocate from Hong Kong to the US, will be paid an annual salary of US$800,000. REUTERS