Prudential Names New CEO As Strangfeld Retires

Insurance Weekly News

By a News Reporter-Staff News Editor at Insurance Weekly News -- Prudential Financial, Inc. (NYSE:PRU) announced that its Board of Directors has appointed Charles Lowrey as the company's next CEO and member of the Board, effective December 1, 2018. Lowrey, who currently serves as executive vice president and chief operating officer, International Businesses of Prudential, will succeed John Strangfeld, who will retire as CEO on November 30, 2018. Strangfeld will serve as non-executive chairman until April 5, 2019, at which time Lowrey will also assume the role of chairman.

"Along with the rest of the Board, I am confident that Charlie is the right leader for Prudential's future," said Strangfeld. "Having successfully led our asset management, U.S. and international businesses, he brings a broad perspective of our operations, a deep understanding of our people and leadership skills that will serve the company well as it continues to grow. The Board is also pleased that Rob will assume the role of vice chairman and join Charlie as a member of Prudential's Office of the Chairman. Both Charlie and Rob are outstanding executives with the capabilities to successfully execute Prudential's strategy.

"After a fulfilling 41-year career at Prudential, including almost 11 years as chairman and CEO, now is the right time for the company to transition to its next generation of leadership. Mark and I are delighted to pass the baton to Charlie and Rob, and we do so with great confidence in their leadership capabilities. I am pleased with what we have accomplished during my tenure at Prudential, including creating a more focused company with world-class capabilities in retirement savings, investment management and financial protection capable of generating outcomes that other companies simply cannot replicate. I am exceedingly proud of our distinctive culture, with its emphasis on purpose and strategic collaboration. I would like to thank all of our employees for their dedication and support in helping make Prudential the leading global life insurer and investment manager it is today, and I am confident that Charlie and Rob will lead the company in continuing its momentum for many years to come.

"On a personal note, I would like to recognize the extraordinary partnership I have enjoyed with Mark over the last 11 years, which has been both highly productive and personally enriching, and I look forward to Charlie and Rob experiencing the same kind of partnership as they move forward," said Strangfeld.

"John and I look forward to continuing to support the new leadership team to ensure a seamless transition," said Grier. "We are fortunate to have a deep bench of talented leaders, including Charlie and Rob, and the best employees in the industry. I am confident that Prudential is well-positioned for continued earnings growth as we continue to unlock the value in our strategic mix of high-quality businesses to bring financial security more into reach for our growing base of customers."

"On behalf of the Board, I would like to thank John and Mark for their leadership and many contributions to Prudential," said Thomas Baltimore, lead independent director of Prudential's Board of Directors. "The executive appointments announced are the culmination of rigorous succession planning that the Board has been engaged in for the past several years and are modeled in part after the roles John and Mark established working together as chairman and CEO and vice chairman, respectively, over the past decade. I wish them both well in the future and look forward to seeing the company continue its success under Charlie's and Rob's leadership."

Keywords for this news article include: Business, Investing, United States, Financial Companies, Investment and Finance, Life Insurance Companies, Prudential Financial Inc..