Barry Stowe is retiring as chairman and CEO of Prudential PLC's North American business unit, effective Dec. 31.

Stowe is also retiring as an executive director of the company. Stowe will remain with the British insurer as an adviser and will be replaced by Michael Falcon effective Jan. 7, 2019, subject to regulatory approval.

Stowe has been in the North America post, which includes the role of CEO at Jackson National Life Insurance Co., since 2015. He also previously served as CEO of Prudential Corp. Asia Ltd.

Falcon will join Prudential from JP Morgan Asset Management, where he leads Asian asset management operations and was formerly New York-based head of retirement.