01—Abstract
Summary
Summary of the 8-K filed February 6, 2024. Cited figures are marked; the original filing is the authoritative source.
Prudential Financial, Inc. (NYSE: PRU) announced on February 6, 2024 that Yanela C.
Frias, its current President, Group Insurance, has been appointed Executive Vice President and Chief Financial Officer, effective March 15, 2024. She succeeds Kenneth Y. Tanji, who will remain with the Company to assist with the transition through September 30, 2024.
Frias has been in her current role since October 2021 and joined Prudential in 1997, with prior roles including President of Prudential Retirement and CFO of Prudential Annuities and Individual Life Insurance. Under the new appointment, Frias's salary will be $600,000a per year, with a target annual incentive for 2024 of $1,500,000 and a target long-term incentive for 2024 of $3,200,000, for a target total compensation of $5,300,000. Frias will report to Robert Falzon, vice chair of Prudential.
Tanji, following his departure, will be entitled to post-employment payments and benefits associated with an involuntary termination without cause, as described in the Company's 2023 Proxy Statement. Chairman and CEO Charles Lowrey credited Tanji with leading de-risking and capital release transactions, delivering on expense objectives, and steering the company through pandemic-related financial challenges.
Lowrey said Frias's experience will support the strategy to become a higher-growth, less market-sensitive and more nimble company. The leadership change is furnished under Item 7.01 via a news release (Exhibit 99.1), which is furnished and not filed.
02—Key points
Key Highlights
- Yanela C. Frias, currently President of Group Insurance, appointed Executive Vice President and Chief Financial Officer effective March 15, 2024
- Kenneth Y. Tanji, the outgoing CFO, remains with the Company through September 30, 2024 to assist the transition
- Frias's 2024 target compensation totals $5,300,000: $600,000 salary, $1,500,000 target annual incentive, and $3,200,000 target long-term incentive
- Frias has held roles across Prudential Retirement, Prudential Annuities, and Individual Life Insurance, and joined Prudential in 1997
- Frias will report to Robert Falzon, vice chair of Prudential, and join the executive leadership team as an executive officer
- Tanji will receive post-employment payments and benefits tied to an involuntary termination without cause, per the 2023 Proxy Statement
- CEO Charles Lowrey strategy framing: becoming a higher-growth, less market-sensitive and more nimble company
03—Questions
Frequently Asked Questions
Who is replacing Ken Tanji as Prudential's CFO?
Yanela C. Frias, currently President of Group Insurance, has been appointed Executive Vice President and Chief Financial Officer, effective March 15, 2024.
What is Yanela Frias's background?
Frias has been in her current role since October 2021 and joined Prudential in 1997. Her prior roles include President of Prudential Retirement, Head of Investment and Pension Solutions, CFO of Prudential Annuities, CFO of Individual Life Insurance, and Managing Director and Assistant Treasurer, Capital Markets and Corporate Finance. She holds a bachelor's degree in accounting and an MBA in finance from Rutgers University and is a Certified Public Accountant.
How will Frias be compensated?
Her salary will be $600,000 per year. Her 2024 target annual incentive is $1,500,000 and her target long-term incentive is $3,200,000, for a target total compensation of $5,300,000.
Will Tanji stay on after the transition?
Yes. Tanji will remain with the Company to assist Frias with her transition through September 30, 2024. Following his departure, he will be entitled to post-employment payments and benefits associated with an involuntary termination without cause, as described in the Company's 2023 Proxy Statement.
Does the appointment involve any related party transactions or family relationships?
The filing states Frias has no family relationship with any of the Company's executive officers or directors and has not engaged in any related party transaction that would require disclosure under Item 404 of Regulation S-K.
04—Continue