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Jackson Financial Replaces CEO, CFO and COO

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What You Need to Know

  • Prieskorn has been with Jackson for 31 years.
  • She said the company is still on track to separate from Prudential by June 30.

Prudential PLC has moved quickly to change the senior leadership team of Jackson Financial Inc. while preparing to turn Jackson into a separate company.

The London-based life insurer — which has no connection with Prudential Financial Inc. of Newark, New Jersey — has replaced Jackson’s CEO, chief operating officer and chief financial officer, and named an interim general counsel, according to an announcement filed today with the U.S. Securities and Exchange Commission.

Laura Prieskorn, who has been Jackson’s executive vice president and chief operating officer, has taken over for Michael Falcon as CEO.

Marcia Wadsten, who was the company’s senior vice president and chief actuary, has succeeded Axel Andre as CFO.

Dev Ganguly, who has been Jackson’s senior vice president, chief information officer, has succeeded Prieskorn has the company’s COO.

Julia Goatley, who once worked for Jackson as senior vice president, insurance legal, and left the company in early 2019 will return Tuesday to be an interim general counsel. Andrew Bowden, who has been Jackson’s general counsel, is leaving Jackson, the company said.

Jackson said it’s making the changes because of a “review of Jackson’s management needs as a well-capitalized, independently listed company seeking to create shareholder value.”

Mike Wells, Prudential’s group CEO, said in a statement that Prudential is appointing an experienced leadership team with deep knowledge of the U.S. annuities market.

Prieskorn and Wadsten have both played important roles in building Prudential’s annuity operations, Wells said.

“We thank Michael and Axel for their service, and we wish them well,” Wells said.

Falcon Andre and Bowden could not immediately be reached for comment.

The Companies

Jackson Financial is the Lansing, Michigan-based holding company for Jackson National Life Insurance Company, which is one of the leaders in the U.S. annuity market.

Prudential said in January that it intends to spin Jackson Financial off, by distributing shares of Jackson Financial stock to its own shareholders, by June 30. At the same time, Prudential said that Steven Kandarian, MetLife’s former chairman, would become Jackson’s chairman.

Athene Holding Ltd., a Pembroke, Bermuda-based life and annuity reinsurer, ended up with a large stake in Jackson Financial as the result of a $27 billion annuity reinsurance deal announced in June 2020. Athene now has an 11.1% stake in Jackson, according to an announcement filed with the SEC Wednesday.

The announcement includes a comment from Marc Rowan, senior managing director of Apollo Global Management Inc., which is Athene’s largest shareholder.

“We believe that Jackson will generate significant long-term value for shareholders, and we have been working closely with Prudential in reviewing the business’ strategic priorities and management needs ahead of the planned spin-off,” Rowan said. “We look forward to working with Laura, Marcia and the team to help Jackson develop into a successful independent listed company.”

The Prudential-Jackson Separation

Prieskorn, who has been with Jackson for 31 years, said in a comment that the planned separation from Prudential is progressing well and that Jackson is on track to become an independent public company by June 30.

“Following the spin-off, Jackson will prioritize optimization of costs, capital and cash, as well as franchise value,” Prieskorn said.