PRU Prudential Plc

By Adam Clark

Prudential PLC (PRU.LN) said Friday that Barry Stowe will retire as chairman and chief executive of its North American business, which includes Jackson National Life Insurance, at the end of 2018.

The U.K.-based financial services company said Mr. Stowe will step down on Dec. 31 and remain as an adviser.

He will be replaced by Michael Falcon, currently chief executive of JPMorgan Chase & Co.'s (JPM) asset management business in Asia. Mr. Falcon will take over on Jan. 7.

Prudential is currently preparing to separate its U.K.-and-European unit from its Asian and U.S. operations. Analysts have speculated that the move may eventually pave the way for a spin off of the U.S. unit.

The North American business comprises Jackson, Jackson National Asset Management and investment manager PPM America.

Shares at 0841 GMT were up 1.1% at 1,599 pence.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

October 12, 2018 05:03 ET (09:03 GMT)

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