Michael Falcon has begun his role as chairman and chief executive officer of Prudential plc's North America business unit following the retirement of Barry Stowe.
Falcon began in his new post on Jan. 1 and takes over the same titles Stowe had with Jackson Holdings, Prudential plc's North America unit, said Patrick Rich, a spokesman for Jackson.
Under Stowe's leadership “our Asian business grew to become the market-leading operation it is today, and more recently he has positioned our U.S. businesses for continued success in serving the needs of American retirees,” Mike Wells, group CEO of Prudential plc, said in a statement.
“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,” said Wells. He added Falcon's expertise and record “mean that he is well-placed to lead the next phase of our development in North America.”
Falcon has nearly two decades of senior experience in the savings and retirement industry, said Prudential. He was CEO of JP Morgan Asset Management's retirement businesses in the United States and led the firm's asset management businesses in Asia.
He had also been head of Merrill Lynch's retirement group, with responsibility for several businesses serving individual and employer retirement plans.
Prudential said Falcon will divide his time between Nashville, Tennessee, and Lansing, Michigan.