(Reuters) – Britain’s largest listed insurer Prudential Plc <PRU.L> said it had appointed JP Morgan’s <JPM.N> Asia asset management business boss Michael Falcon to lead its North American business unit, effective Jan. 7.
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.
Falcon, 55, was CEO of JP Morgan Asset Management’s retirement businesses in the U.S. and has also served as head of Merrill Lynch’s <BAC.N> Retirement Group. He began his career in commercial and investment banking at Chase Manhattan Bank in 1985.
Falcon, who will relocate from Hong Kong to the U.S., will be paid an annual salary of $800,000, Prudential said.
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Bernard Orr)