LONDON (Reuters) - The head of the U.S. division of Britain's Prudential Plc, Mike Wells, was elected late Monday by the board to succeed Tidjane Thiam as the new chief executive officer of Prudential, Sky News reported.
Tidjane Thiam, who has been Prudential's head since 2009, is set to replace Credit Suisse AG's Brady Dougan as chief executive officer, according to media reports.
Prudential said early Tuesday that its shares on Hong Kong stock exchange have been halted.
Wells is currently president and chief executive officer of Jackson National Life Insurance, a Prudential subsidiary. He has been with Prudential for 15 years and has been a part of Prudential's board since 2011, the website said.
Wells' appointment is unlikely to be official for several weeks, as regulators have yet to approve it, Sky News said.
Reuters reported, citing sources, that Credit Suisse CEO Dougan is set to step down as early as Tuesday.
Sky News said the following candidates had also been considered as potential replacements for Thiam: Jackie Hunt, who runs Prudential in the United Kingdom and Europe; and Finance Director Nic Nicandrou.
Prudential could not be reached immediately for comments outside regular business hours.