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Prudential names new Group CEO

Released at: 07:57, 13/05/2015

Prudential names new Group CEO

Mr. Mike Wells to take up position on June 1.

by Thu Hoang

Mr. Mike Wells will officially become Group Chief Executive of Prudential Plc, the largest UK insurer, from June 1, replacing Mr. Tidjane Thiam.

“Following a rigorous succession planning process we have found a fitting and experienced successor to Tidjane in Mike Wells, who has extensive experience in life insurance and asset management,” said Prudential Chairman Paul Manduca.

Mr. Wells has served on Prudential’s Board since January 2010 and is currently President and Chief Executive of its wholly-owned US subsidiary, Jackson National Life Insurance Company. Under his leadership Jackson’s profit has doubled and its cash remittances increased to a record $640.8 million in 2014.

“I am honored to have been asked by the Board to lead Prudential, which is one of the best-performing financial services companies in the world,” Mr. Wells said. “Our long-term approach, strong values, and outstanding people have enabled us to deliver high-quality, well-tailored products to millions of customers and strong, consistent returns to our shareholders.”

During his career Mr. Wells has always sought to put the needs of customers and clients at the heart of everything. “I look forward to working with our talented and dedicated teams around the world to strengthen the Group even further,” he added.

Mr. Wells has worked in life insurance, retirement services, and asset management for 29 years. He has a Bachelor of Science degree from San Diego State University.

Prudential Plc is incorporated in England and Wales and its affiliated companies constitute one of the world’s leading financial services groups, serving around 24 million insurance customers, and had $765.9 billion in assets under management as at December 31, 2014.

Its subsidiary, Prudential Vietnam, which was established in 2007, is one of the leading life insurers in the market and provides insurance services to millions of Vietnamese people via its nationwide network of over 200 customer service centers, branch offices, and general agencies and business partner offices.

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