Mike Wells (businessman)
| Mike Wells | |
|---|---|
| Born |
Michael Andrew Wells 9 April 1960 Canada |
| Nationality | American |
| Alma mater | San Diego State University |
| Occupation | CEO, Prudential plc |
| Salary | £11,393,000 (total compensation, 2014)[1] |
| Predecessor | Tidjane Thiam |
| Spouse(s) | married |
| Children | 2 |
Michael Andrew Wells (born 9 April 1960) is an American business executive, chief executive officer (CEO) of Prudential plc, the British multinational life insurance and financial services company, since 1 June 2015.
Early life
Wells graduated from San Diego State University with a Bachelor of Science degree.[2]
Career
After graduating, he spent 10 years working for a variety of financial services firms in the US, including Wood Logan, Smith Barney, McGinness & Associates and Dean Witter.[3]
Wells joined the Prudential Group in 1995 as president of Jackson National Life Distributors, part of the Group’s US arm, Jackson National Life. He spent 20 years in a variety of senior positions at Jackson. He was appointed as Jackson's CEO in January 2011, at which time he also joined the board of Prudential, Jackson's UK-based parent company.
During Wells's four-year tenure as CEO of Jackson, it became the largest seller of variable annuities in the US.[4]
On 1 June 2015, Wells succeeded Tidjane Thiam (who left to become CEO of Credit Suisse), on a pay package worth up to £7.5 million.[5][6] On 9 March 2016, he announced Prudential's first full-year results since taking over as CEO, showing that the group made operating profits of £4billion in 2015, 22 per cent higher than the year before.[7] He sought to reassure shareholders over business in Asia, and China in particular in 2016. "I think China and Asia in general are misread by the West," he told CNBC. "The consumers have money, are spending...all of the key metrics around our average client are very resilient.".[8]
Personal life
Wells was born in Canada but has US citizenship. He is married with two adult sons.[2] Wells owns a Tennessee cattle ranch and collects Gibson guitars.[6]
References
- ↑ "Executive Profile* Michael Andrew Wells". bloomberg. Retrieved 14 October 2015.
- 1 2 Gray, Alistair (10 March 2015). "Mike Wells expected to replace Tidjane Thiam at Prudential". Financial Times. Retrieved 11 August 2015.
- ↑ "Jackson National Life Insurance President and CEO Mike Wells: Successes Tied to Community Support | Michigan Advantage Blog". Blog.michiganadvantage.org. 2013-04-29. Retrieved 2015-07-10.
- ↑ Jones, Sarah (2015-03-10). "Prudential's Wells Said in Line to Replace Thiam as CEO - Bloomberg Business". Bloomberg.com. Retrieved 2015-07-10.
- ↑ Julia Kollewe. "Prudential appoints new CEO on £7.5m pay package | Business". The Guardian. Retrieved 2015-07-10.
- 1 2 Jones, Sarah (2015-05-01). "Prudential Names Mike Wells to Succeed Thiam as Group CEO - Bloomberg Business". Bloomberg.com. Retrieved 2015-07-10.
- ↑ Hayley Kirton. "Prudential share price up as company announces boost to profits for the full-year ended December 2015 and reveals a special dividend". City AM. Retrieved 2016-03-09.
- ↑ CNBC. "China is misread by the West: Prudentuial CEO". CNBC. Retrieved 2016-03-09.