Prudential unit appoints CEO ahead of demerger

Laura Prieskorn was previously VP and chief operating officer, during her 31 years at Jackson

Jackson Financial Inc (JFI), a US-based unit of Prudential PLC, has announced the appointment of Laura Prieskorn to CEO, ahead of its planned separation from the insurance group.

Prieskorn was previously the group’s VP and chief operating officer during her 31 years at Jackson.

She was responsible for developing the group’s industry-leading operating platform, which combines low cost with a “superior” service for clients, advisers and distribution partners, and has been a member of its executive, investment and product committees.

Additionally the company has announced that Marcia Wadsten, previously senior VP and chief actuary, has been appointed CFO. She has 29 years’ experience at Jackson, and during her career at the company has played a key role in product design, pricing and risk management.

Commenting on her appointment, Prieskorn said: “The planned separation from Prudential is progressing well and we remain on track to become an independent public company by the end of the second quarter of the year. Following the spin-off, Jackson will prioritise optimisation of costs, capital and cash, as well as franchise value.”

The review was conducted by Jackson’s current owners, Prudential and Athene, which currently has an 11.1% economic interest.

Following the demerger, in line with shareholder expectations, Jackson revealed it will pursue a focused strategy which prioritises optimisation of costs, capital and cash, as well as franchise value.

Mike Wells, group chief executive of Prudential, said: “In preparation for Jackson’s debut as a public company, we are today appointing an experienced leadership team who combine operational excellence and deep knowledge of the US annuities market.

“Laura and Marcia have both played important roles in Jackson’s development into one of America’s leading annuity providers. They have the skills needed to deliver on the company’s objectives and create value for shareholders. We thank Michael and Axel for their service and we wish them well.”

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