Prudential Financial, Inc. has announced changes to its executive leadership team, with the appointment of Andrew Sullivan as the next CEO, effective March 31, 2025. Sullivan, currently the Executive Vice President and head of international businesses and global investment management, will succeed Charles F. Lowrey, who will continue in the role of executive chairman for 18 months.
Sullivan has been instrumental in driving the company's strategy and has overseen both the international insurance segment and PGIM, the firm's $1.4 trillion global investment management business. Having held successive leadership positions since joining the company in 2011, Sullivan's appointment as CEO reflects his deep understanding of Prudential's businesses, strategy, and people.
Caroline Feeney, who has successfully led Prudential's U.S. businesses since 2021, will assume the role of global head of insurance and retirement, a newly created position overseeing the company's domestic and international insurance and retirement businesses. This expansion of Feeney's role is set to take effect on March 31, 2025.
In addition, the board of directors announced that Vice Chair Robert Falzon will retire effective July 11, 2025, following a 42-year career with Prudential. His tenure has seen him serve in various key roles within the company, including Executive Vice President and CFO, company treasurer, and managing director of PGIM real estate.
These changes mark the culmination of a thorough succession planning process, with the board expressing confidence in the new leadership. Prudential's strategic transformation under the leadership of Charles F. Lowrey has positioned the company as a nimble, dynamic, and high-growth organization for the future.
As of September 30, 2024, Prudential Financial, Inc. reported approximately $1.6 trillion in assets under management, reflecting its status as a global financial services leader and premier active global investment manager. The company's operations extend across the United States, Asia, Europe, and Latin America, with a focus on expanding access to investing, insurance, and retirement security. The market has reacted to these announcements by moving the company's shares -1.1% to a price of $125.76. For more information, read the company's full 8-K submission here.
