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Prudential recruits JP Morgan's Michael Fallon to succeed Barry Stowe as boss of its North American unit

Falcon's annual salary will be US$800,000. He will have a maximum bonus opportunity of 100% of salary and will receive 10% of the Jackson bonus pool with 40% of any bonus deferred. Long-term incentive awards will be 400% of salary. Despite that, the Pru has still offered to support his relocation from Hong Kong to the US
Any unvested awards that Falcon forfeits as a consequence of joining Prudential will be replaced on a like-for-like basis

Barry Stowe has decided to retire as chairman and chief executive officer of insurance giant Prudential PLC’s (LON:PRU) North American business unit.

Stowe will also quit as an executive director of Prudential. He will step down at the end of the year but will remain as an adviser to the group. He will be succeeded, subject to regulatory approval, by Michael Falcon on January 7, 2019.

READ: Prudential lifts interim dividend as cash generation and profits rise

Falcon has almost two decades of senior experience in the savings and retirement industry. He was chief executive of JP Morgan Asset Management's retirement businesses in the US and currently leads the firm's asset management businesses in Asia.

“Barry's experience, expertise and leadership have played an important part in the success of the group throughout his time with us. Michael has a wealth of experience from a distinguished career in the savings and retirement industry and I look forward to working with him in the future," said Paul Manduca, the chairman of Prudential.

Shares in the Pru were up 1.4% at 1,604.5p.

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