Charles Lowrey appointed CEO and Chairman-Elect
John Strangfeld to retire as CEO in November 2018 and as Chairman
in April 2019
Robert Falzon to succeed Mark Grier as Vice Chairman in December
2018 and a member of the Board of Directors in August 2019
NEWARK, N.J.--(BUSINESS WIRE)--
Prudential Financial, Inc. (NYSE:PRU)
today 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.
John Strangfeld (Photo: Business Wire)
The Board also announced that Robert
Falzon, executive vice president and chief financial officer of
Prudential, has been named vice chairman of the company, effective
December 1, 2018. Falzon will succeed Mark
Grier, who will retire from Prudential and step down from the Board
in August 2019, at which time Falzon will join the Board. Grier will
transfer his functional management responsibilities to Falzon on
December 1, 2018, and will support Falzon and Lowrey in their
transitions, as well as focus on concluding some specific strategic
projects.
“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 today 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.”
Strangfeld’s retirement concludes a remarkable, four-decade-long career
with Prudential, including serving as chairman and CEO since 2008. He
has played a key role in the company’s growth and transformation and,
during his tenure as CEO, has established a clarity of focus on talent
and culture as the key drivers of Prudential’s innovation, execution and
superior performance. Under Strangfeld’s leadership, Prudential has
emerged as a premier provider of retirement, investment management and
financial protection solutions for both individuals and institutions,
and delivered strong results, including:
-
Building one of the 10 largest global asset managers contributing to
$1.4 trillion in assets under management as of June 30, 2018;
-
Being recognized with a No. 1 ranking on FORTUNE®
magazine’s list of the “World’s Most Admired Companies®” in the
“Insurance: Life and Health” category for the past three years, and
ranked among FORTUNE®’s 2018 list of companies that “Change the
World”;
-
Increasing book value per share (excluding accumulated other
comprehensive income and foreign exchange remeasurement) by 112
percent from $43.77 to $92.60 as of June 30, 2018;
-
Returning more than $18 billion to shareholders in the form of share
buybacks and dividends; and
-
Completing more than $100 billion in pension risk transfer
transactions, establishing Prudential as an innovative leader in this
space.
“John is an exceptional leader who played a key role in building
Prudential into the strong global company it is today, and I am honored
to succeed him as CEO,” said Lowrey. “After spending nearly two decades
with Prudential, I have experienced firsthand how the unique culture
John helped build—with a focus on purpose and strategic
collaboration—drives our ability to execute effectively, produce
superior performance and grow over time. I look forward to working with
Rob and continuing to bring financial opportunity to more and more
customers around the world in new, exciting and compelling ways,
including our U.S. financial wellness initiative, while delivering
sustainable value for our shareholders.”
As part of Prudential’s succession planning process, the company will
announce the selection of internal candidates to replace Lowrey and
Falzon and expects to name a new chief operating officer, International
Businesses, and a new chief financial officer next week.
About Prudential
Prudential Financial, Inc. (NYSE:PRU),
a financial services leader with more than $1 trillion of assets under
management as of June 30, 2018, has operations in the United States,
Asia, Europe and Latin America. Prudential’s diverse and talented
employees are committed to helping individual and institutional
customers grow and protect their wealth through a variety of products
and services, including life insurance, annuities, retirement-related
services, mutual funds and investment management. In the U.S.,
Prudential’s iconic Rock symbol has stood for strength, stability,
expertise and innovation for more than a century. For more information,
please visit www.news.prudential.com.
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Prudential Financial, Inc.
GlobalPublicRelations@news-prudential.com
Source: Prudential Financial, Inc.