Prudential appoints JPM's Michael Falcon as head of US business

Prudential said on Friday that it has appointed Michael Falcon - the head of JPMorgan's asset management businesses in Asia - as the new chairman and chief executive officer of its North American business with effect from 7 January 2019.

He succeeds Barry Stowe, who has decided to retire at the end of the year.

Falcon has almost two decades of senior experience in the savings and retirement industry. As well as his role at JPM, he served as head of Merrill Lynch's retirement group, with responsibility for several businesses serving individual and employer retirement plans. He will divide his time between Nashville, Tennessee and Lansing, Michigan.

Chief executive Mike Wells 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.