Michael Falcon was named chairman and CEO of Prudential PLC's North American business, effective Jan. 7, Prudential said Friday.
Mr. Falcon will replace Barry Stowe in those roles, as well as Mr. Stowe's additional position as an executive director of Prudential. Mr. Stowe said in a news release he will retire after a career spanning almost 40 years.
The news release said Mr. Falcon will divide his time between Nashville, Tenn., and Lansing, Mich.
A J.P. Morgan Asset Management spokeswoman said Mr. Falcon will continue to lead the business through the end of 2018. A successor will be named "in due course," according to a J.P. Morgan statement.
J.P. Morgan Asset Management's Asia-Pacific business had more $171 billion in client assets and more than 1,400 employees in the region as of June, according to the statement.
The Prudential news release said Mr. Falcon's annual salary will be $800,000, with a maximum bonus opportunity, under the group's annual incentive plan, of "100% of salary," and will receive 10% of the bonus pool of the firm's Jackson National unit, "with 40% of any bonus deferred."