01—Abstract
Summary
Summary of the 8-K filed December 22, 2025. Cited figures are marked; the original filing is the authoritative source.
Prudential Financial, Inc. (NYSE: PRU) filed a Form 8-K on December 22, 2025 reporting a senior leadership realignment.
Under the realignment, leaders of the company's U.S. businesses, Emerging Markets, the Japan Group and its asset management business, PGIM, will report directly to Chief Executive Officer Andrew (Andy) Sullivan. The company stated the change is designed to streamline operations in its largest markets, sharpen focus on key growth opportunities, and strengthen accountability across its global businesses. Phil Waldeck, head of Multi-Asset and Quantitative Solutions at PGIM, has been appointed executive vice president and head of Prudential's U.S. Businesses, effective February 2, 2026.
David Legher, head of Emerging Markets, will also report directly to Sullivan, alongside Waldeck, Japan Group President and CEO Brad Hearn, and PGIM President and CEO Jacques Chappuis. Caroline A. Feeney, Executive Vice President and Global Head of Retirement and Insurance, is leaving the company as her position is eliminated in the internal reorganization.
She will remain in her current role until February 2, 2026, and is currently expected to stay employed briefly after that. The press release accompanying the filing is furnished under Item 7.01 and is not filed.
02—Key points
Key Highlights
- Caroline A. Feeney, Executive Vice President and Global Head of Retirement and Insurance, is departing as her position is eliminated in an internal reorganization; she remains in her role until February 2, 2026.
- Phil Waldeck, head of Multi-Asset and Quantitative Solutions at PGIM, is appointed executive vice president and head of Prudential's U.S. Businesses, effective February 2, 2026.
- Leaders of the U.S. businesses, Emerging Markets, the Japan Group and PGIM will now report directly to CEO Andrew (Andy) Sullivan.
- David Legher, head of Emerging Markets, will report directly to Sullivan, alongside Waldeck, Japan Group President and CEO Brad Hearn, and PGIM President and CEO Jacques Chappuis.
- The realignment is intended to streamline operations in the company's largest markets and sharpen focus on key growth opportunities.
- The change is consistent with a Japan business leadership alignment announced earlier in 2025.
- Prudential cites approximately $1.6 trillion in assets under management as of September 30, 2025.
03—Questions
Frequently Asked Questions
Why is Caroline Feeney leaving Prudential?
Feeney is leaving in connection with an internal reorganization under which her position as Global Head of Retirement and Insurance is being eliminated. She will continue in her role until February 2, 2026, and is currently expected to remain employed for a short period after that.
Who will lead Prudential's U.S. businesses?
Phil Waldeck, currently head of Multi-Asset and Quantitative Solutions at PGIM, will become executive vice president and head of Prudential's U.S. Businesses effective February 2, 2026. He previously served as chief transformation officer and held senior business leadership roles including president of Retirement.
How is the reporting structure changing?
Leaders responsible for the U.S. businesses, Emerging Markets, the Japan Group and PGIM will now report directly to CEO Andy Sullivan. The company says this is designed to streamline operations and strengthen accountability across its global businesses.
What is the stated purpose of the leadership changes?
According to the press release, the realignment is intended to streamline operations in the company's largest markets, sharpen focus on key growth opportunities, and support its long-term growth agenda, including evolving strategy, executing with consistency and discipline, and fostering a high-performance culture.
04—Continue