Jackson Financial (NYSE: JXN) details CEO retirement and new leadership
Rhea-AI Filing Summary
Jackson Financial Inc. detailed an executive succession plan. President and CEO Laura L. Prieskorn plans to retire from her roles and board seat effective September 30, 2026, then serve as an advisor through December 31, 2026 to support the transition.
Effective October 1, 2026, Don Cummings will become President and CEO and join the board, and Brian Walta will become Executive Vice President and Chief Financial Officer. Cummings’ compensation includes a $1,050,000 base salary, a target bonus of 200% of base salary, and a $7,850,000 target annual long-term incentive; Walta’s package includes a $600,000 base salary, a 150% target bonus, and a $1,900,000 target annual long-term incentive.
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Filing Explained
The July 22 Form 8-K records that Jackson Financial’s board approved the leadership changes effective
8-K Event Classification
Key Figures
Key Terms
Regulation FD Disclosure regulatory
long-term incentive award financial
asset liability management financial
forward-looking statements regulatory
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FAQ
What leadership changes did Jackson Financial (JXN) announce for 2026?
When will Don Cummings become CEO of Jackson Financial (JXN)?
What compensation will Don Cummings receive as CEO of JXN?
What compensation will Brian Walta receive as CFO of Jackson Financial (JXN)?
How long will Laura Prieskorn remain involved with Jackson Financial (JXN)?
Did Jackson Financial (JXN) issue a press release on these executive changes?
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter).
Emerging growth company
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 16, 2026, Jackson Financial Inc.’s (the “Company”) Board of Directors approved the following actions, each effective October 1, 2026:
| · | the appointment of Don W. Cummings to serve as Chief Executive Officer and President and a director of the Company; and |
| · | the appointment of Brian M. Walta to serve as Executive Vice President and Chief Financial Officer of the Company. |
Mr. Cummings is currently Executive Vice President and Chief Financial Officer of the Company, a position he has held since June 2024. Previously, he served as the Company’s Senior Vice President, Controller and Chief Accounting Officer beginning December 2020. Previously, Mr. Cummings served as interim Chief Financial Officer at Fortitude Reinsurance Company Ltd. and Global Corporate Controller at American International Group, Inc. Mr. Cummings is age 63.
Mr. Walta is currently Senior Vice President, Planning and Asset Liability Management of the Company’s principal operating subsidiary, Jackson National Life Insurance Company (“JNLIC”), a position he has held since 2024. He has experience in hedging, asset liability management, capital modeling, and business plan forecasting. Previously, he served as Vice President, Asset Liability Management beginning in 2016. He has held various positions with JNLIC with increasing responsibilities for asset liability management over a twenty-year period. He holds a Chartered Financial Analyst certification from the CFA Institute, is a Fellow of the Society of Actuaries, and a member of the American Academy of Actuaries. Mr. Walta is age 50.
Laura L. Prieskorn, who is currently Chief Executive Officer and President and a director of the Company, announced her intention to retire from those positions and as a director effective as of the end of the day on September 30, 2026. Thereafter, Ms. Prieskorn is expected to continue as an advisor to the Company until December 31, 2026, to facilitate the transition in senior management.
As Chief Executive Officer and President, Mr. Cummings will receive a compensation package including $1,050,000 base salary, a target bonus opportunity of 200% of base salary, and a target annual long-term incentive award of $7,850,000. As Executive Vice President and Chief Financial Officer, Mr. Walta will receive a compensation package including $600,000 base salary, a target bonus opportunity of 150% of base salary, and a target annual long-term incentive award of $1,900,000. In both cases, the target bonus and long-term incentive awards for 2026 will be prorated based upon the individual’s existing pre-promotion opportunity and the noted post-promotion opportunity. Both Mr. Cummings and Mr. Walta also will receive other compensation pursuant to certain plans provided by the Company, including health and welfare, retirement, and benefits typically available to our executives. Ms. Prieskorn is expected to continue to receive her current base salary in respect of her advisory services. Her target bonus opportunity for 2026 will be pro rated through September 30, 2026.
Item 7.01. Regulation FD Disclosure.
On July 22, 2026, the Company issued a press release announcing the changes in executive leadership. A copy of that press release is furnished as Exhibit 99.1 to this Report.
The information in this Item (including Exhibit 99.1) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act, except as shall be expressly set forth in such a filing.
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SAFE HARBOR
The information in this report contains forward-looking statements about future events and circumstances and their effects upon revenues, expenses and business opportunities. Generally speaking, any statement in this report not based upon historical fact is a forward-looking statement. Forward-looking statements can also be identified by the use of forward-looking or conditional words, such as “could,” “should,” “can,” “continue,” “estimate,” “forecast,” “intend,” “look,” “may,” “expect,” “believe,” “anticipate,” “plan,” “predict,” “remain,” “future,” “confident” and “commit” or similar expressions. In particular, statements regarding plans, strategies, prospects, targets and expectations regarding the business and industry are forward-looking statements. They reflect expectations, are not guarantees of performance and speak only as of the dates the statements are made. We caution investors that these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those projected, expressed or implied. Other factors that could cause actual results to differ materially from those in the forward-looking statements include those reflected in Part I, Item 1A. Risk Factors and Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 24, 2026, and elsewhere in the Company’s reports filed with the SEC. Except as required by law, Jackson Financial Inc. does not undertake to update such forward-looking statements. You should not rely unduly on forward-looking statements.
WEBSITE INFORMATION
Visit investors.jackson.com to view information regarding Jackson Financial Inc. We routinely use our investor relations website as a primary channel for disclosing key information to our investors. We may use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations. Accordingly, investors should monitor our investor relations website, in addition to following our press releases, filings with the SEC, public conference calls, presentations, and webcasts. We and certain of our senior executives may also use social media channels to communicate with our investors and the public about our Company and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website, our social media channels, or our executives’ social media channels is not incorporated by reference into and is not part of this report.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press Release, dated July 22, 2026, announcing changes in executive leadership. | |
| 104 | Cover Page Interactive Data File (the coverage page XBRL tags are embedded within the Inline XBRL Document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| JACKSON FINANCIAL INC. | ||
| By: | /s/ Carrie L. Chelko | |
| Carrie L. Chelko | ||
| Executive Vice President and General Counsel | ||
| Date: July 22, 2026 | ||
Exhibit 99.1
FOR IMMEDIATE RELEASE
Jackson Announces CEO Retirement and Executive Leadership
Succession Plan
Don Cummings to succeed Laura Prieskorn as President and CEO; Brian Walta to become EVP and CFO
LANSING, Mich. — July 22, 2026 — Jackson Financial Inc.1 (NYSE: JXN) (Jackson®) today announced Laura Prieskorn, President and Chief Executive Officer, has shared her plans to retire at the end of 2026. Don Cummings, Executive Vice President and Chief Financial Officer, will succeed Prieskorn as President and CEO and as a member of the JFI Board of Directors, effective October 1, 2026. Brian Walta will succeed Cummings as Executive Vice President and Chief Financial Officer, also effective October 1, 2026. Prieskorn will serve as an advisor through December 31, 2026, to ensure a smooth leadership transition.
“Serving as CEO has been an incredible honor and the highlight of my nearly 40 years with Jackson. I am deeply grateful to have worked alongside so many talented colleagues and am proud of what we have accomplished together,” said Prieskorn. “Having partnered closely with Don and Brian for many years, I have every confidence in them leading Jackson through its next chapter.”
“On behalf of the Board of Directors, we sincerely thank Laura for her exceptional leadership and her unwavering commitment to Jackson, its associates, shareholders and all other stakeholders,” said Steven A. Kandarian, Chairman of Jackson’s Board of Directors. “She stepped into the CEO role during a pivotal and transitional time at Jackson, masterfully leading the company through its demerger and overseeing significant growth during her tenure.
“Both Don and Brian bring decades of leadership and industry experience to their next roles at Jackson. They are well-respected, commercially minded leaders with a strong commitment to innovation and execution. We have the utmost confidence in Don’s and Brian’s ability to sustain the company’s strong culture and to further execute on Jackson’s growth strategy.”
Cummings has more than 30 years of industry experience. He joined Jackson in 2020 as Chief Accounting Officer and Controller and was promoted to CFO in 2024. Prior to Jackson, Don served as the interim CFO at Fortitude Reinsurance Company and previously was the Global Corporate Controller at American International Group, Inc. “I am incredibly honored by the Board’s trust and confidence in me. I am excited for this next opportunity and look forward to serving with dedication,” said Cummings. “Jackson has a clear growth strategy and an exceptional team of associates who are dedicated to serving our customers, shareholders and the communities where we live and work. I look forward to building on our momentum and positioning Jackson for continued, long-term success.”
1 Jackson Financial Inc. is a U.S. holding company and the direct parent of Jackson Holdings LLC (JHLLC). The wholly-owned direct and indirect subsidiaries of JHLLC include Jackson National Life Insurance Company, Brooke Life Insurance Company, PPM America, Inc. and Jackson National Asset Management LLC.
Walta joined Jackson in 1997 and has served in a variety of leadership roles. He has been responsible for leading critical financial and business functions, including hedging, asset liability management, capital modeling and business plan forecasting. He holds a Chartered Financial Analyst certification, is a Fellow of the Society of Actuaries, and is a member of the American Academy of Actuaries. “I am humbled and excited to step into the CFO role and build on Jackson’s solid financial foundation. I look forward to maintaining strong financial stewardship, supporting the company’s strategic growth priorities and delivering sustainable value for shareholders.”
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ABOUT JACKSON
Jackson® (NYSE: JXN) is committed to helping clarify the complexity of retirement planning—for financial professionals and their clients. Through our range of annuity products, financial know-how, history of award-winning service* and streamlined experiences, we strive to reduce the confusion that complicates retirement planning. We take a balanced, long-term approach to responsibly serving all our stakeholders, including customers, shareholders, distribution partners, employees, regulators and community partners. We believe by providing clarity for all today, we can help drive better outcomes for tomorrow. For more information, visit www.jackson.com.
*SQM (Service Quality Measurement Group) Call Center Awards Program for 2004 and 2006-2025. (Criteria used for Call Center World Class FCR Certification is 80% or higher of customers getting their contact resolved on the first call to the call center (FCR) for three consecutive months or more.)
Jackson® is the marketing name for Jackson Financial Inc., Jackson National Life Insurance Company® (Home Office: Lansing, Michigan) and Jackson National Life Insurance Company of New York® (Home Office: Purchase, New York).
SAFE HARBOR
The information in this press release contains forward-looking statements about future events and circumstances and their effects upon revenues, expenses and business opportunities. Generally speaking, any statement in this release not based upon historical fact is a forward-looking statement. Forward-looking statements can also be identified by the use of forward-looking or conditional words, such as “could,” “should,” “can,” “continue,” “estimate,” “forecast,” “intend,” “look,” “may,” “expect,” “believe,” “anticipate,” “plan,” “predict,” “remain,” “future,” “confident” and “commit” or similar expressions. In particular, statements regarding plans, strategies, prospects, targets and expectations regarding the business and industry are forward-looking statements. They reflect expectations, are not guarantees of performance and speak only as of the dates the statements are made. We caution investors that these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those projected, expressed, or implied. Other factors that could cause actual results to differ materially from those in the forward-looking statements include those reflected in Part I, Item 1A. Risk Factors and Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 24, 2026, and elsewhere in the Company’s reports filed with the SEC. Except as required by law, Jackson Financial Inc. does not undertake to update such forward-looking statements. You should not rely unduly on forward-looking statements.
WEBSITE INFORMATION
Visit investors.jackson.com to view information regarding Jackson Financial Inc. We routinely use our investor relations website as a primary channel for disclosing key information to our investors. We may use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations. Accordingly, investors should monitor our investor relations website, in addition to following our press releases, filings with the SEC, public conference calls, presentations, and webcasts. We and certain of our senior executives may also use social media channels to communicate with our investors and the public about our Company and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website, our social media channels, or our executives’ social media channels is not incorporated by reference into and is not part of this release.
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Jackson Media Contact:
Amanda Chaney
mediarelations@jackson.com
Investor Relations Contact:
Andrew Campbell
andrew.campbell@jackson.com
PR3819 07/26