Prudential,
Britain’s largest insurer, has appointed the head of its US operations
as its new chief executive on a cash-and-shares pay package worth up to
£7.5m.
Mike Wells, who has run Prudential’s Jackson National Life business in the US since 2010, succeeds Tidjane Thiam, who is leaving at the end of May after six years at the helm. Thiam will take the reins at the struggling Swiss bank Credit Suisse – Wells had been widely expected to succeed him.
The new boss, who takes up the post on 1 June, will receive a basic salary of £1.07m, along with a maximum bonus of 200% of salary, with 40% of any bonus deferred into Prudential shares. On top of that, he will get long-term share incentives worth 400% of salary, and the company will pay for his relocation from the US to London. Prudential declined to give further details
.
Thiam won acclaim for turning Prudential into Britain’s most successful insurance company by focusing on rapidly growing markets in Asia and the US. Prudential’s share price has tripled since Thiam took over in October 2009.
Prudential insisted its focus would remain the same, adding that Wells had been involved in the company’s Asian strategy since being appointed to the board three years ago.
The chairman, Paul Manduca, said the insurer had found a “fitting and experienced” successor to Thiam, and noted that profits at Jackson National Life had doubled under Wells’s leadership.
Wells, a US citizen, who was born in Canada, has worked in life insurance and asset management for 29 years, first joining Jackson in 1995 in the marketing and distribution arm. He helped develop the firm’s first variable annuity products, and it has since become the largest seller of variable annuities in the US.
Manduca also paid tribute to Thiam, saying he had made an “exceptional contribution to the group’s success in recent years”.
Thiam landed a pay package worth £11.8m in salary and incentive payments for his final year in charge. Wells was not far behind, with a £11.4m package as long-term share incentives vested, reflecting the increased share price and reinvestment of dividends.
Operating profits climbed 14% to £3.2bn last year, with Asia up 16% to £1.05bn while Jackson’s contribution was £1.4bn, up 21%.
Mike Wells, who has run Prudential’s Jackson National Life business in the US since 2010, succeeds Tidjane Thiam, who is leaving at the end of May after six years at the helm. Thiam will take the reins at the struggling Swiss bank Credit Suisse – Wells had been widely expected to succeed him.
The new boss, who takes up the post on 1 June, will receive a basic salary of £1.07m, along with a maximum bonus of 200% of salary, with 40% of any bonus deferred into Prudential shares. On top of that, he will get long-term share incentives worth 400% of salary, and the company will pay for his relocation from the US to London. Prudential declined to give further details
.
Thiam won acclaim for turning Prudential into Britain’s most successful insurance company by focusing on rapidly growing markets in Asia and the US. Prudential’s share price has tripled since Thiam took over in October 2009.
Prudential insisted its focus would remain the same, adding that Wells had been involved in the company’s Asian strategy since being appointed to the board three years ago.
The chairman, Paul Manduca, said the insurer had found a “fitting and experienced” successor to Thiam, and noted that profits at Jackson National Life had doubled under Wells’s leadership.
Wells, a US citizen, who was born in Canada, has worked in life insurance and asset management for 29 years, first joining Jackson in 1995 in the marketing and distribution arm. He helped develop the firm’s first variable annuity products, and it has since become the largest seller of variable annuities in the US.
Manduca also paid tribute to Thiam, saying he had made an “exceptional contribution to the group’s success in recent years”.
Thiam landed a pay package worth £11.8m in salary and incentive payments for his final year in charge. Wells was not far behind, with a £11.4m package as long-term share incentives vested, reflecting the increased share price and reinvestment of dividends.
Operating profits climbed 14% to £3.2bn last year, with Asia up 16% to £1.05bn while Jackson’s contribution was £1.4bn, up 21%.
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