Prudential (LON:PRU) has unveiled a new chairman and chief executive of its North American business unit, with Barry Stowe having decided to retire. The move comes after the Pru recently appointed Just Eat (LON:JE) chair Mike Evans as chair of its M&G unit as it continues to prepare the demerger of the division.
Prudential’s share price has climbed higher in London in today’s session, having gained 1.07 percent to 1,599.00p as of 09:55 BST. The stock is outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.52 percent higher at 7,043.26 points. The Pru’s shares have lost more than 12 percent of their value over the past year, as compared with about a 6.7-percent dip in the Footsie.
Pru appoints new boss of US unit
Prudential announced in a statement today that that Barry Stowe has decided to retire as Chairman and Chief Executive Officer of the group’s North American Business Unit on December 31. He, however, will remain as an adviser to the Group and will be succeeded, subject to regulatory approval, by Michael Falcon on January 7. Falcon was Chief Executive of JP Morgan Asset Management’s retirement businesses in the US and currently leads the firm’s asset management businesses in Asia.
“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,” Mike Wells, Group Chief Executive of Prudential, commented in the statement.
Analysts on FTSE 100 group
JPMorgan Chase & Co, which rates the Pru as a ‘neutral,’ set a price target of 1,899p on the shares yesterday. According to MarketBeat, the blue-chip group currently has a consensus ‘buy’ rating and an average price target of 2,168.94p.