UK insurer Prudential has created a new senior leadership team for its US business, Jackson Financial, ahead of Jackson’s planned separation from the Group.
Laura Prieskorn, previously Jackson’s Executive Vice President and Chief Operating Officer, has been appointed Chief Executive Officer (CEO).
She has worked at Jackson’s for over 11 years, and first started as its Senior Vice President of Operations and Chief Administration Officer.
Marcia Wadsten, previously Senior Vice President and Chief Actuary, has been appointed Chief Financial Officer (CFO).
Wadsten has just under 30 years of experience at Jackson, and during her career at the company has gained experience in product design, pricing and risk management.
Following the appointments, Michael Falcon and Axel Andre have left their respective roles as CEO and CFO at Jackson.
These leadership team appointments have come after a review of Jackson’s management needs as a well-capitalised, independent listed company seeking to create shareholder value.
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. We thank Michael and Axel for their service and we wish them well.”
Marc Rowan, Co-Founder and Senior Managing Director of Apollo Global Management Inc, Athene’s strategic partner and largest shareholder, commented: “We believe that Jackson will generate significant long-term value for shareholders, and we have been working closely with Prudential in reviewing the business’ strategic priorities and management needs ahead of the planned spin-off. We look forward to working with Laura, Marcia and the team to help Jackson develop into a successful independent listed company.”
Laura Prieskorn, incoming Jackson CEO, said: “It is a huge privilege to become CEO of an enterprise which I have helped to grow from a modest regional firm to what it is today, an admired leader in the American annuities market. Jackson has a clear sense of purpose, a focused strategy and some of the best people in the industry.
“The planned separation from Prudential is progressing well and we remain on track to become an independent public company by the end of the second quarter of the year. Following the spin-off, Jackson will prioritise optimisation of costs, capital and cash, as well as franchise value.”
Steven A Kandarian, Jackson non-executive Chair, added: “I am looking forward to working closely with Laura and Marcia, who have the experience and expertise to develop Jackson into a successful, independent listed business focused on delivering great outcomes for all its stakeholders.”