Jackson National Life Insurance Company announced today announced that Chief Executive Officer Barry Stowe will be retiring as of Dec. 31, 2018. Michael Falcon, who has been serving as chief executive officer of Asia Pacific for J.P. Morgan Asset Management since 2015, has been named his successor, subject to regulatory approval. Falcon will assume his new role effective Jan. 7, 2019.
Stowe has headed the North American Business Unit of Prudential plc, which includes Jackson and its affiliates, since 2015. He joined Prudential in 2006 as chief executive of Prudential Corporation Asia and has been a member of the Prudential plc’s Board of Directors and Group Executive Committee for 12 years.
“I am pleased to be handing the reins to Michael,” Stowe said. “I have loved my experience at Prudential in Asia and in the United States, but after a career spanning nearly 40 years I feel strongly that it’s time for a change. I would like to thank all my colleagues for their support and hard work over so many years. I have no doubt whatsoever that Prudential’s US businesses will flourish under Michael’s leadership and I wish him and the team every possible success.”
Mike Wells, group chief executive of Prudential plc, said “I would like to thank Barry for his exceptional contribution to Prudential over the last 12 years. Under his leadership our Asian business grew to become the market-leading operation it is today, and more recently he has positioned our US businesses for continued success in serving the needs of American retirees. I wish him all the very best for the future.”
“I am delighted that Michael is joining Prudential,” Wells continued. “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. Michael’s deep expertise and impressive track record in this dynamic industry mean that he is well placed to lead the next phase of our development in North America.”
“I am delighted to be joining the Jackson team, which has consistently delivered positive results for consumers and shareholders,” Falcon added. “I look forward to building on this success to further meet the growing retirement needs of American families.”
Falcon has more than two decades of senior experience in the savings and retirement industry. He joined J.P. Morgan Asset Management in New York as head of retirement in 2010, responsible for investment management and plan services businesses in the defined contribution, individual retirement and taxable savings market. From 2000 to 2008, he worked at Merrill Lynch, serving as head of the Retirement Group and other roles, including head of Strategy and Finance for the US Private Client business. He later served as a consultant and strategic advisor to companies in the retirement, equity awards, wealth management and asset management industries until joining J.P. Morgan Asset Management in 2010. Falcon has served as a trustee and executive committee member of the Employee Benefit Research Institute (EBRI) and was founding chairman of the Advisory Board of EBRI’s Center for Retirement Income Research. Falcon will divide his time between Nashville, Tennessee and Lansing, Michigan.