New CEO for insurance giant
Wells to succeed Thiam at helm of insurer Prudential
Mr Wells (left) has served on the Prudential board since January 2011 and is currently president and chief executive of Jackson based in Michigan and New York.
He has worked in life insurance, retirement services and asset management for 29 years and has served in senior and strategic positions at Jackson since joining in 1995.
Mr Thiam said last month that he is taking the same role at Credit Suisse. The announcement coincided with Prudential’s annual results showing a 14% rise in operating profit to £3.2 billion and expansion among Asia’s growing middle classes.
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 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.
“The Board is very sorry to lose Tidjane as Group Chief Executive but understands his desire to step down after leading the froup for six successful years. He has made an exceptional contribution to the group’s success in recent years.”
Mr Thiam (left) said: “Mike has an outstanding track record. I have enjoyed working with him for the last seven years and I am pleased to be leaving Prudential in the hands of such an experienced leader.
“I am also pleased to be able to leave Prudential in excellent shape and I am confident that the Group will continue to deliver valuable products and services to its millions of customers around the world and create significant value for its shareholders, its staff and the communities in which it operates. I want to thank the board and all my colleagues around the world for their support since I decided to join Prudential in September 2007.”
Mr Wells said: “I am honoured to have been asked by the board to lead Prudential, which is one of the best- performing financial services companies in the world. The group is in excellent shape, not least because of the remarkable leadership of my predecessor.