Prudential plc (LON:PRU) today announced that Barry Stowe has decided to retire as Chairman and Chief Executive Officer of its North American Business Unit and as an Executive Director of Prudential plc on 31 December 2018. He will remain as an adviser to the Group and will be succeeded, subject to regulatory approval, by Michael Falcon on 7 January 2019.
Mr Falcon has almost two decades of senior experience in the savings and retirement industry. He was Chief Executive of JP Morgan Asset Management’s retirement businesses in the US and currently leads the firm’s asset management businesses in Asia. He has also served as Head of Merrill Lynch’s Retirement Group, with responsibility for several businesses serving individual and employer retirement plans. Mr Falcon will divide his time between Nashville, Tennessee and Lansing, Michigan.
Paul Manduca, Chairman of Prudential plc, said: “On behalf of the Prudential Board, I would like to thank Barry for his exceptional service to the Group over so many years. Barry’s experience, expertise and leadership have played an important part in the success of the Group throughout his time with us. Michael has a wealth of experience from a distinguished career in the savings and retirement industry and I look forward to working with him in the future.”
Mike Wells, Group Chief Executive of Prudential plc, said: “I would like to thank Barry for his exceptional contribution to Prudential over the last 12 years. Under his leadership our Asian business grew to become the market-leading operation it is today, and more recently he has positioned our US businesses for continued success in serving the needs of American retirees. I wish him all the very best for the future.
“I am delighted that Michael is joining Prudential. The demand among Americans for a secure income in retirement is a huge social need and an attractive long-term business opportunity for the Group. Michael’s deep expertise and impressive track record in this dynamic industry mean that he is well placed to lead the next phase of our development in North America.”
Barry Stowe said: “I am pleased to be handing the reins to Michael. I have loved my experience at Prudential in Asia and in the United States, but after a career spanning almost 40 years I feel strongly that it’s time for a change. I would like to thank all of my colleagues for their support and hard work over so many years. I have no doubt whatsoever that Prudential’s US businesses will flourish under Michael’s leadership and I wish him and the team every possible success.”
Michael Falcon said: “I am delighted to be joining the team at the North American Business Unit, which has consistently delivered positive results for consumers and shareholders. I look forward to building on this success to further meet the growing retirement needs of American families.”