TIDMPRU
RNS Number : 2692X
Prudential PLC
30 April 2021
30 April 2021
Jackson names Independent Directors and
Update on Prudential plc Board Appointments
Jackson Financial Inc. ("Jackson"), the US business of
Prudential plc ("Prudential"), today announces additional
independent directors ahead of its planned separation from
Prudential. These appointments to the Jackson Board of Directors
(the "Jackson Board") are expected to become effective upon
completion of the proposed demerger.
At that time, the Jackson Board will include Non-Executive Chair
Steven Kandarian and Jackson Chief Executive Officer Laura
Prieskorn, who will serve as an executive director. The additional
independent directors include:
-- Gregory T. Durant: Durant currently serves as Vice Chairman
of Deloitte LLP, where during his career, among other
responsibilities, he oversaw Deloitte's policy and government
relations efforts to navigate the impact of public policies on the
profession, the capital markets and the economy.
-- Derek G. Kirkland: Kirkland is the former Managing Director
and Co-Head of the Global Financial Institutions Group at Morgan
Stanley's Financial Institutions Group in Investment Banking, where
he advised many notable companies on M&A and capital
raising.
-- Martin J. Lippert: Lippert is the former Executive Vice
President and Head of Global Technology and Operations at MetLife,
where he oversaw digital strategy and customer service for the
company's global operations, and led MetLife Holdings, the former
U.S. Retail segment.
-- Russell G. Noles: Noles is the former Executive Vice
President and Chief Operating Officer of Nuveen, a subsidiary of
Teachers Insurance & Annuity Association (TIAA), where he
oversaw the company's finance, information technology, operations
and risk management functions.
-- Esta E. Stecher: Stecher is the Chair of Goldman Sachs Bank
USA and serves as a board member of several material banking and
investment banking subsidiaries.
Two additional independent board members will be identified at
or following completion of the demerger. Committee assignments will
be made prior to the completion of the demerger.
Prudential plc Board appointments update
Further to the announcements made on 4 February 2021 and 18
March 2021, Prudential announces that the appointment of Chua Sock
Koong, Ming Lu and Jeanette Wong as non-executive directors of the
Prudential Board, initially intended to occur on 1 May 2021, will
now take effect closer to the planned separation.
We continue to expect to complete the demerger of Jackson in the
second quarter of 2021, subject to shareholder and regulatory
approvals.
Upon appointment to the Board of Prudential, the non-executive
directors will join the following Board Committees:
- Chua Sock Koong will join the Audit Committee and Remuneration Committee;
- Ming Lu will join the Risk Committee and Nomination & Governance Committee; and
- Jeanette Wong will join the Audit Committee and Risk Committee.
Contacts
Media Investors/Analysts
+44 (0)20 3977 +44 (0)20 3977
Jonathan Oliver 9500 Patrick Bowes 9702
+44 (0)20 3977 +44 (0)20 3977
Tom Willetts 9760 William Elderkin 9215
Note to Editors
Following the change of Group-wide supervisor in October 2019 to
the Hong Kong Insurance Authority, the composition of the Board of
Prudential Corporation Asia Limited, a wholly-owned subsidiary of
Prudential, mirrors the Prudential Board. The appointments of Chua
Sock Koong, Ming Lu and Jeanette Wong to the Board of Prudential
Corporation Asia Limited will take effect at the same time as their
appointment to the Prudential Board.
Prudential announced its intention on 28 January 2021 to demerge
Jackson, resulting in two separately-listed companies.
About Prudential plc
Prudential plc is an Asia-led portfolio of businesses focused on
structural growth markets. The business helps people get the most
out of life through life and health insurance, and retirement and
asset management solutions. Prudential plc has 20 million customers
and is listed on stock exchanges in London, Hong Kong, Singapore
and New York. Prudential plc is not affiliated in any manner with
Prudential Financial, Inc. a company whose principal place of
business is in the United States of America, nor with The
Prudential Assurance Company Limited, a subsidiary of M&G plc,
a company incorporated in the United Kingdom.
About Jackson
Jackson is a leading provider of retirement products for
industry professionals and their clients. The company and its
affiliates offer variable, fixed and fixed index annuities designed
for tax-efficient growth and distribution of retirement income for
retail customers, as well as products for institutional investors.
Jackson is a proud founding member and co-chair of the Alliance for
Lifetime Income, a non-profit 501(c)(6) organization formed and
supported by 24 of the nation's financial services organizations to
create awareness and educate Americans about the importance of
protected lifetime income. With $326.5 billion in IFRS assets*, the
company prides itself on sound corporate risk management practices
and strategic technology initiatives. Focused on thought leadership
and education, Jackson provides industry insights and financial
representative training on retirement planning and alternative
investment strategies. The company is also dedicated to corporate
philanthropy and supports non-profits focused on strengthening
families and creating economic opportunities in the communities
where its employees live and work. For more information, visit
www.jackson.com .
* Jackson has $326.5 billion in total IFRS assets and $296.2
billion in IFRS policy liabilities set aside to pay primarily
future policy owner benefits (as of December 31, 2020).
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END
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