Separation from Prudential plc Expected to be Completed in Second Quarter
Jackson Financial Inc. announced additional independent directors of its Board of Directors, whose appointments will become effective upon completion of the proposed demerger. The post-demerger Board will be comprised of highly experienced executives with deep insurance, financial services and technology expertise; public company experience; and proven leadership track records. Jackson’s previously announced separation from Prudential plc, which will be effected through a demerger, is expected to be completed by the end of 2Q 2021, subject to Prudential plc shareholder and regulatory approvals.
“I look forward to working closely with our Board and leadership team to guide Jackson as we remain focused on maintaining a resilient balance sheet to provide shareholders with attractive capital returns and profitable growth over the long-term.”
“This separation enhances our mission to help customers pursue financial freedom for life by providing differentiated products through our industry-leading distribution capabilities and efficient operating platform,” said Laura Prieskorn, Chief Executive Officer of Jackson. “I look forward to working closely with our Board and leadership team to guide Jackson as we remain focused on maintaining a resilient balance sheet to provide shareholders with attractive capital returns and profitable growth over the long-term.”
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“The identification of independent directors is an important step as we make progress towards establishing Jackson as an independent, publicly listed company,” said Steve Kandarian, non-executive chair of the Jackson Board. “These highly qualified directors bring best-in-class experience, diverse perspectives and a commitment to strong governance that will collectively position Jackson for continued success.”
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Upon completion of the demerger the Board will include non-executive chair Steve Kandarian and Jackson Chief Executive Officer Laura Prieskorn, who will serve as an executive director. The additional independent directors include:
- Gregory T. Durant: Durant currently serves as Vice Chairman of Deloitte LLP, where during his career, among other responsibilities, he oversaw Deloitte’s policy and government relations efforts to navigate the impact of public policies on the profession, the capital markets and the economy.
- Derek G. Kirkland: Kirkland is the former Managing Director and Co-Head of the Global Financial Institutions Group at Morgan Stanley’s Financial Institutions Group in Investment Banking, where he advised many notable companies on M&A and capital raising.
- Martin J. Lippert: Lippert is the former Executive Vice President and Head of Global Technology and Operations at MetLife, where he oversaw digital strategy and customer service for the company’s global operations, and led MetLife Holdings, the former U.S. Retail segment.
- Russell G. Noles: Noles is the former Executive Vice President and Chief Operating Officer of Nuveen, a subsidiary of Teachers Insurance & Annuity Association (TIAA), where he oversaw the company’s finance, information technology, operations and risk management functions.
- Esta E. Stecher: Stecher is the Chair of Goldman Sachs Bank USA and serves as a board member of several material banking and investment banking subsidiaries.
Two additional independent board members will be identified at or following demerger, and committee assignments will be made prior to the completion of the demerger.
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