Prudential has found its successor for departing chief executive Tidjane Thiam - and they haven't had to look too far.
Mike Wells, head of the company's US arm Jackson National Life, will step into the role vacated by the popular Thiam, who is leaving to head up Credit Suisse.
The 55-year-old will replace a resoundingly popular chief exec in Thiam, whose switch from Prudential to Credit Suisse even triggered a 3.1 per cent fall in the former's share price and a 7.8 per cent rise in the latter's on the day it was announced.
Wells, who will take up the position from 1 June, had been widely tipped for the role and has been praised by the company for developing Jackson's first variable annuity and fixed annuity products.
Chairman Paul Manduca commented:
Following a rigorous succession planning process, we have found a fitting and experienced successor to Tidjane in Mike Wells, who has extensive experience of life insurance and asset management. Under his leadership, Jackson’s profit has doubled and its cash remittances increased to a record £415m in 2014.
This has all been achieved while continuing to take a disciplined approach to risk management. As a member of the board he has contributed to our successful strategy, which has delivered value for our customers and shareholders.
Wells' base salary will be £1.1m. His total pay packet, currently around £11.7m, is unlikely to change significantly, however. Thiam's total pay was only £100,000 more as chief executive last year.