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Prudential announces Jackson management team ahead of demerger
StockMarketWire.com
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Prudential has announced a new senior leadership team for its US business, Jackson Financial, ahead of the planned separation.
Laura Prieskorn, previously Jackson's executive vice president and chief operating officer, has been appointed chief executive officer.
Marcia Wadsten, previously senior vice president and chief actuary, has been appointed chief financial officer.
These leadership team appointments are the outcome of a review of Jackson's management needs as a well-capitalised, independent listed company seeking to create shareholder value, and follow the announcement last month of an intention to pursue a separation through a demerger, rather than a minority IPO.
The review was conducted by Jackson's current owners, Prudential and Athene, which has an 11.1 per cent economic interest.
Following the demerger, in line with shareholder expectations, Jackson will pursue a focused strategy which prioritises optimisation of costs, capital and cash, as well as franchise value. Jackson's new leadership team have the experience and skills to deliver successfully on these objectives.
The demerger is on track to proceed in the second quarter of 2021.
Mike Wells, group chief executive of Prudential, said: 'In preparation for Jackson's debut as a public company, we are today appointing an experienced leadership team who combine operational excellence and deep knowledge of the US annuities market.
'Laura and Marcia have both played important roles in Jackson's development into one of America's leading annuity providers. They have the skills needed to deliver on the company's objectives and create value for shareholders.'
Story provided by StockMarketWire.com
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