By Mark Kleinman, City Editor
The head of Prudential's American operations is poised to be named as the company's group chief executive as part of a management overhaul at one of Britain's biggest insurers.
Sky News can reveal that Mike Wells, who is president and CEO of Jackson National Life Insurance, has been chosen by the board of Prudential to replace Tidjane Thiam later this year.
The Financial Times reported on Monday evening that Mr Thiam was stepping down to take over at the helm of Credit Suisse, the Swiss banking giant.
Credit Suisse and Prudential are expected to confirm Mr Thiam's move on Tuesday, although Mr Wells' appointment is unlikely to be made public until after regulators have approved it, which could take several weeks.
Mr Wells' appointment, if ratified by the Prudential Regulation Authority (PRA), will put him at the helm of a vast group with operations in the UK, US and Asia.
He would be the first American to run arguably the best-known of the major UK insurers, with a market capitalisation of almost £43bn.
Mr Wells would take over at a crucial time, with a new European regulatory framework and a rulebook imposed by the PRA to strengthen accountability among senior managers in the insurance sector.
The change of chief executive will surprise the City, which has enthused over Mr Thiam's leadership of the business since its recovery from one of the most disastrous takeover attempts in recent British corporate history.
In 2010, the Pru attempted to buy AIA, a major Asian insurer, in a deal worth $35bn, but the deal was thwarted by objections from shareholders and regulators.
The defeat left Mr Thiam dismayed, and his sense of injustice was compounded when the then Financial Services Authority fined the company and censured him for failing to keep it properly informed about the AIA plans.
AIA, which is run by Mr Thiam's predecessor as the Pru's chief executive, Mark Tucker, has seen its value soar since listing on the Hong Kong Stock Exchange.
Since the aborted move for AIA, which triggered the departure of the Pru's chairman, Harvey McGrath, the company has rebuilt relations with shareholders and seen its value soar amid strong performances across its business.
Mr Wells is already a member of Prudential's board, which makes a decision by the PRA to reject his appointment as the group chief executive unlikely in the extreme.
He has held senior roles at Jackson for 15 years and joined the Pru's board in 2011.
Last year, Mr Wells was paid a total package of £11.7m, significantly more than that awarded to Mr Thiam.
It is unclear whether the Pru's chairman, Paul Manduca, considered external candidates to replace Mr Thiam, although other internal contenders are likely to have included Jackie Hunt, who runs the Pru in the UK and Europe, and Nic Nicandrou, the finance director.
Prudential declined to comment.
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