NEWARK, N.J. - Prudential Financial, Inc. (NYSE: NYSE:PRU), a financial services giant with a market capitalization of $45.35 billion, has announced a significant transition in its executive leadership, naming Andrew Sullivan as the forthcoming CEO, effective March 31, 2025. The current CEO, Charles F. Lowrey, will continue to serve as Executive Chairman of the Board for 18 months following the handover. According to InvestingPro data, the company has demonstrated strong performance with a 29.42% year-to-date return and maintains a robust GOOD financial health score.
Sullivan, who is presently the executive vice president and head of International Businesses and Global Investment Management, is set to take the helm as Prudential (LON:PRU) approaches its 150th anniversary. His tenure at Prudential since 2011 has seen him in roles of escalating responsibility, including overseeing the firm's U.S.-based businesses. The company has maintained its position as a prominent player in the insurance industry, with impressive revenue of $72.97 billion in the last twelve months.
Lowrey expressed confidence in Sullivan's capabilities, noting his comprehensive understanding of the company's operations and strategy. Sullivan, in turn, acknowledged the progress made under Lowrey's leadership, particularly in steering Prudential toward higher growth and capital efficiency, refining its business mix, and investing in technology and product innovation.
In conjunction with Sullivan's appointment, Caroline Feeney is set to become Global Head of Insurance and Retirement on the same date, overseeing Prudential's domestic and international insurance and retirement businesses. This new role is expected to foster synergies and growth across the company's global divisions.
Additionally, the company revealed that Robert Falzon, Vice Chair, will retire on July 11, 2025, after a distinguished 42-year career with Prudential. His retirement will follow his departure from the Board effective March 31, 2025.
Michael A. Todman, Prudential's Lead Independent (LON:IOG) Director, commended Lowrey for his transformative leadership and expressed the Board's confidence in Sullivan's ability to continue Prudential's trajectory of growth.
Prudential Financial is a leading global financial services firm and active investment manager with approximately $1.6 trillion in assets under management as of September 30, 2024. The company is known for its expansive presence in the U.S., Asia, Europe, and Latin America, and its commitment to financial opportunity through its investing, insurance, and retirement services. Trading at a P/E ratio of 11.25 and offering a dividend yield of 4.05%, Prudential has maintained dividend payments for 23 consecutive years. Get deeper insights into PRU's valuation and growth potential with a comprehensive Pro Research Report, available exclusively on InvestingPro. This announcement is based on a press release statement.
In other recent news, Prudential Financial, Inc. has reported strong Q3 results, with a significant increase in sales across its U.S. and international insurance and retirement sectors, and notable investment gains from its asset management division, PGIM. The company closed a $6 billion pension risk transfer deal with IBM (NYSE:IBM) and saw a 13% year-over-year rise in individual life sales. Retirement and savings product sales in Japan saw a 30% increase, thanks to a strategic shift towards yen-based products. Prudential reported a pretax adjusted operating income of $1.6 billion for Q3, with earnings per share of $3.48.
In leadership transitions, Jacques Chappuis has been appointed as the new president and CEO of PGIM, Prudential's global investment management business, effective from May 1, 2025. Chappuis brings nearly three decades of investment management experience and previously served as co-head of Morgan Stanley (NYSE:MS) Investment Management.
These are some of the recent developments that reflect Prudential's commitment to strategic growth and capital efficiency. However, the company anticipates a $50 million shortfall in variable investment income for Q4 and a baseline for Q4 earnings at $3.34 per share. Despite these adjustments, Prudential remains optimistic about its growth trajectory and its ability to navigate capital regimes and sustain profitable growth.
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