Prudential plc (“Prudential”) announces the appointment of Barry Stowe as Chairman and Chief Executive Officer of the North American Business Unit, succeeding Mike Wells, who today takes over as Group Chief Executive.
Mr Stowe, who was previously Chief Executive of Prudential Corporation Asia, remains on the Board of Prudential plc. Mr Stowe is succeeded as Prudential Corporation Asia Chief Executive by Tony Wilkey, who was previously Chief Executive, Insurance at Prudential Corporation Asia. Mr Wilkey joins the Prudential plc Board.
With the departure of Pierre-Olivier Bouée, John Foley, Group Investment Director, has agreed to take on the role of Interim Group Chief Risk Officer until a permanent successor is found. Mr Foley will remain on the Group Executive Committee and attend meetings of the Board.
All of these appointments are effective from today.
Mike Wells, Group Chief Executive of Prudential plc, said: “At Prudential, we are privileged to have a leadership team with both strength and depth. Today’s appointments demonstrate this. Barry has played a huge role in the remarkable success of our Asian operations and I am sure that under his leadership, our North American businesses will continue to strengthen.
“Tony brings to his new role 28 years of experience in the life insurance industry and combines strategic flair with a relentless focus on delivery. I am confident that Tony and his team will continue to capture the extraordinary opportunity presented by the rise of the Asian middle classes and their growing needs for protection and long-term savings.
“I also want to express my thanks to John for agreeing to assume the responsibility of Interim Group Chief Risk Officer while we identify a permanent successor.”
Paul Manduca, Chairman of Prudential plc, said: “The Board takes succession planning very seriously and today’s appointments are clear evidence of this process working well. I would like to welcome Tony to the Board, congratulate Barry on his move from Asia to the US and thank John for agreeing to step up to the Group Chief Risk Officer role pending a permanent appointment.”
Barry Stowe, Chairman and Chief Executive Officer of the North American Business Unit, said: “We are well positioned to take advantage of the transition into retirement of the wealthiest generation in history, the American ‘baby boomers’. Our team in North America has a clear strategy and a solid track record of executing against that strategy. They have consistently delivered positive results for both consumers and shareholders. I am very much looking forward to working with them to build upon this extraordinary success.”
Tony Wilkey, Chief Executive of Prudential Corporation Asia, said: “It is an honour for me to be appointed to head the leading life insurance franchise in the world’s fastest-growing markets. There is no doubt in my mind that we have only just begun to scratch the surface of the opportunities ahead of us. Armed with the solid platform already built, there is no better time than now to capitalise on our leadership in Asia.”