Jackson Financial Inc. announced today that Craig Smith, President and Chief Executive Officer of its subsidiary PPM America, will retire on December 31, 2025, after nearly two decades of service. The announcement, issued via Business Wire on October 10, 2025, confirms the effective date of Smith’s departure and signals a leadership transition within the company’s investment‑management arm.
In the interim, Smith will hand over day‑to‑day responsibilities to Chris Raub, President of Jackson National Life Insurance Company (JNLIC). Raub, who has spent more than 25 years with Jackson in roles including Chief Risk Officer and head of insurance assets at PPM, will serve as the interim leader of PPM while the company searches for a permanent successor. The transition plan maintains continuity of operations and oversight for PPM’s investment activities.
PPM America, a wholly‑owned subsidiary of Jackson, manages $83.51 billion in assets under management as of June 30, 2025. The firm’s performance and strategic direction are integral to Jackson’s overall capital generation and investment‑management capabilities. Smith’s retirement and Raub’s interim stewardship represent a significant governance change that could influence PPM’s future strategy and its contribution to Jackson’s financial results.
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