01—Abstract
Summary
Summary of the 8-K filed December 3, 2024. Cited figures are marked; the original filing is the authoritative source.
Prudential Financial, Inc. (NYSE: PRU) announced on December 3, 2024, that its Board of Directors has appointed Andrew F.
Sullivan as President and Chief Executive Officer and a member of the Board, effective March 31, 2025. Sullivan, currently Executive Vice President and Head of International Businesses and Global Investment Management, will succeed Charles F. Lowrey, who will remain with the Company as Executive Chairman for 18 months, per the news release.
The filing describes the change as the culmination of a thorough succession planning process. Several related leadership changes accompany the transition. Caroline A.
Feeney, currently Executive Vice President and Head of U.S. Businesses, has been appointed to the newly created position of Executive Vice President and Global Head of Insurance and Retirement, effective March 31, 2025. Robert M. Falzon, Vice Chairman, will resign from the Board effective March 31, 2025, and retire from the Company effective July 11, 2025, after a 42-year career.
The Board also set new compensation for the executives. Effective March 31, 2025, Sullivan's salary is $1,200,000a per year with a 2025 target annual incentive of $4,400,000 and a target long-term incentive of $13,200,000 beginning with February 2026 grants, for annual target total compensation of $18,800,000.
Lowrey's annual target total compensation is $6,000,000b and Feeney's is $11,000,000. The news release describes Sullivan as overseeing the International Insurance segment and PGIM, which it describes as a $1.4 trillion global investment management business.
02—Key points
Key Highlights
- Andrew F. Sullivan appointed President and CEO and Board member, effective March 31, 2025, succeeding Charles F. Lowrey
- Charles F. Lowrey to remain as Executive Chairman for 18 months, supporting and advising Sullivan
- Caroline A. Feeney named to newly created role of Executive Vice President and Global Head of Insurance and Retirement, effective March 31, 2025
- Vice Chairman Robert M. Falzon to resign from the Board effective March 31, 2025, and retire effective July 11, 2025
- Sullivan's annual target total compensation set at $18,800,000, including a $1,200,000 salary and $13,200,000 target long-term incentive
- Lowrey's annual target total compensation set at $6,000,000 and Feeney's at $11,000,000, effective March 31, 2025
- The news release describes the transition as the culmination of a thorough succession planning process
03—Questions
Frequently Asked Questions
Who will become Prudential's CEO and when?
Andrew F. Sullivan, currently Executive Vice President and Head of International Businesses and Global Investment Management, will become President and CEO effective March 31, 2025. He will also join the Board as a member.
What role will Charles F. Lowrey play after the transition?
Lowrey will remain with the Company as Executive Chairman for 18 months, working with the Board and supporting and advising Sullivan.
What is the new Insurance and Retirement leadership structure?
Caroline A. Feeney has been appointed to the newly created position of Executive Vice President and Global Head of Insurance and Retirement, effective March 31, 2025. The news release states that Feeney and incoming PGIM head Jacques Chappuis will both report to Sullivan.
What compensation has been set for the new CEO?
Effective March 31, 2025, Sullivan's salary is set at $1,200,000 per year, his 2025 target annual incentive at $4,400,000, and his target long-term incentive, beginning with February 2026 annual grants, at $13,200,000, for an annual target total compensation of $18,800,000.
Is Robert Falzon leaving the company?
Yes. Falzon, the Company's Vice Chairman, will resign from the Board effective March 31, 2025, and retire from the Company effective July 11, 2025. He will be entitled to retirement benefits as described in the Company's 2024 Proxy Statement.
04—Continue