Prudential Financial Inc. announced Friday some executive changes as part of its succession plan.
Newark-based Prudential said Andrew Sullivan will succeed Stephen Pelletier as executive vice president and head of U.S. Businesses, effective Dec. 1.
Pelletier, 66, is retiring after serving a 27-year-long career with the company, it said. During that he led Group Insurance and Prudential Annuities and founded Prudential’s international asset management business, now PGIM Global Partners. Pelletier will remain in an advisory role until April 1, 2020.
“Today’s appointments accelerate the momentum that the existing U.S. leadership team has created over the past several years. Andy and his executive team will continue to bring a broader set of financial wellness solutions to more people in new ways,” Charles Lowrey, chairman and CEO, said. “Our conviction in this strategy, and the significant opportunity it represents for expanding our market reach, has never been stronger.”
The company announced three new appointments, also effective Dec. 1:
- Phil Waldeck, current president of Prudential Retirement, will succeed Sullivan as head of the Workplace Solutions Group;
- Yanela Frias, current head of Investment and Pension Solutions within the Retirement business, has been appointed president of Prudential Retirement. She is succeeding Scott Gaul, current senior vice president, sales and strategic relationships, Prudential Retirement;
- Dylan Tyson, current CEO of Prudential of Taiwan, has been named president of Prudential Annuities.
Continuing in their current roles include:
- David Hunt, president and CEO of PGIM;
- Caroline Feeney, CEO of Individual Solutions Group;
- Jamie Kalamarides, president, Prudential Group Insurance;
- Salene Hitchcock-Gear, president, Individual Life Insurance and Prudential Advisors;
- Naveen Agarwal, SVP and chief marketing officer;
- Caroline Faulkner, SVP, Enabling Solutions.
Kent Sluyter, the current president of Prudential Annuities, is also retiring. He spent 38 years with Prudential, during which he held a variety of leadership roles, including CEO and president of Individual Life Insurance and Prudential Advisors.