UK insurer Prudential names new boss

British insurance giant Prudential on Friday named Mike Wells as its new chief executive to succeed Tidjane Thiam, who is leaving to join Swiss bank Credit Suisse.

Wells, has been head of London-based Prudential's US unit, Jackson National Life, for the past five years. He will take up the reins on June 1, Prudential announced in a brief statement.

Wells, who is a US citizen but was born in Canada, has worked in life insurance, retirement services and asset management for almost 30 years.

"Following a rigorous succession planning process, we have found a fitting and experienced successor to Tidjane in Mike Wells, who has extensive experience of life insurance and asset management," said Chairman Paul Manduca.

He added: "As a member of the board he has contributed to our successful strategy, which has delivered value for our customers and shareholders. The group will make further progress under his leadership."

In a surprise move, Credit Suisse had poached Thiam in March to replace its longtime chief Brady Dougan.

Credit Suisse hailed Thiam, a former Ivory Coast government minister who has headed Prudential since 2009 and oversaw the firm's rapid expansion into Asia, as "a strong and distinguished leader with an impressive track record".

Under Thiam's leadership, however, Prudential failed in its $35.5 billion takeover bid for AIA -- the Asian arm of US insurance giant AIG -- in early 2010.