Pru CEO to Retire, Succession Plan Announced
Charles Lowrey will be the next chief executive officer of Prudential Financial Inc. as the company announced John Strangfeld will retire as CEO on Nov. 30.
Lowrey will also become a member of the board of directors effective Dec. 1. He is currently executive vice president and chief operating officer, international businesses.
Strangfeld will be non-executive chairman of the board of directors until April 5, 2019, at which time Lowrey will also become chairman.
Robert Falzon, EVP and chief financial officer, will be vice chairman effective Dec. 1. Falzon will succeed Mark Grier, who will retire from Prudential and step down from the board in August 2019. At that time, Falzon will join the board.
Prudential said Strangfeld's retirement concludes a four-decade career with the company, including serving as chairman and CEO since 2008.
Senior Vice President and Chief Investment Officer Scott Sleyster will report to Lowrey and succeed him as executive vice president and chief operating officer of international businesses. Sleyster joined the company 31 years ago. He became CIO in 2012. Earlier, Sleyster led the company's full-service retirement business, was president of guaranteed products and CFO of the employee benefits division.
Timothy Schmidt, head of global portfolio management, will succeed Sleyster. Schmidt has held leadership roles in the chief investment office for eight years and earlier was CFO of MetLife individual business.
Senior Vice President and Treasurer Ken Tanji was appointed executive vice president and chief financial officer.
Tanji, a 30-year Prudential employee, was appointed treasurer in 2013 after serving as international businesses CFO. He has also held finance leadership positions in annuities, investment management and securities.
Nandini Mongia, currently Prudential retirement CFO, will become treasurer and report to Tanji. She joined the company in 2017. Earlier, Mongia was an investment banker and also held business planning and management consulting roles.