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LANSING, Mich. & CHICAGO - Jackson Financial Inc. (NYSE:JXN) announced Wednesday that Craig Smith, President and Chief Executive Officer of its subsidiary PPM America, Inc., will retire on December 31, 2025, after nearly 20 years with the company.
Chris Raub, President of Jackson National Life Insurance Company, will serve as interim leader of PPM following Smith’s retirement while a search for a permanent successor is conducted. Raub will maintain his current responsibilities while overseeing PPM’s executive leadership team.
"I am grateful to have had the opportunity to lead one of the best asset management teams in the business," Smith said in a statement. He added that he looks forward to seeing PPM "continue to evolve and grow with an unwavering focus on delivering value for its clients."
Laura Prieskorn, President and CEO of Jackson, expressed confidence in Raub’s ability to provide oversight during the transition period. Raub has spent more than 25 years with Jackson in various roles, including Chief Risk Officer and senior managing director at PPM.
PPM America is a Chicago-based institutional asset manager with $83.51 billion in assets under management as of June 30, 2025, according to the company’s press release. The firm was established in 1990 and serves as an indirect, wholly-owned subsidiary of Jackson Financial.
The leadership change comes as part of a planned transition, with Smith beginning to hand over day-to-day responsibilities to Raub in the coming months.
In other recent news, Jackson Financial Inc. reported strong financial results for the second quarter of 2025, surpassing both earnings and revenue expectations. The company achieved an earnings per share of $4.87, exceeding the forecasted $4.64. Additionally, revenue reached $1.94 billion, significantly beating the anticipated $1.51 billion. In another development, Jackson Financial’s Board of Directors authorized an additional $1 billion for its existing common share repurchase program. This new authorization supplements the $208 million that was still available as of August 31, 2025. The expanded buyback program is part of the company’s capital management strategy, which aims to balance growth investments with shareholder returns. These recent developments indicate a strong financial performance and strategic initiatives by Jackson Financial.
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