Prudential Financial, Inc. (PRU, Financial) has announced significant changes in its leadership team, effective March 31, 2025. Andrew F. Sullivan, currently serving as the Executive Vice President and Head of International Businesses and Global Investment Management, will take over as the President and Chief Executive Officer. He will also join the Board of Directors, succeeding Charles F. Lowrey, who will transition to the role of Executive Chairman.
In a strategic move, Caroline A. Feeney, presently the 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. This change is also effective from March 31, 2025.
Additionally, Robert M. Falzon, the Vice Chairman, will resign from the Board on March 31, 2025, and retire from the company on July 11, 2025. Following his retirement, Mr. Falzon will receive retirement benefits as outlined in the company's 2024 Proxy Statement.
In line with these leadership changes, the Board has approved new compensation packages for the executives:
- Charles F. Lowrey: Effective March 31, 2025, his salary is set at $1,000,000 per year, with a target annual incentive of $3,000,000 and a target long-term incentive of $2,000,000, totaling an annual target compensation of $6,000,000.
- Andrew F. Sullivan: His new role comes with a salary of $1,200,000 per year, a target annual incentive of $4,400,000, and a target long-term incentive of $13,200,000, culminating in an annual target compensation of $18,800,000.
- Caroline A. Feeney: Her compensation includes a salary of $950,000 per year, a target annual incentive of $2,850,000, and a target long-term incentive of $7,200,000, amounting to an annual target compensation of $11,000,000.
These strategic appointments and compensation adjustments reflect Prudential Financial's commitment to strengthening its leadership team and aligning executive incentives with the company's long-term goals. Investors and stakeholders will be keenly observing how these changes impact the company's performance and strategic direction in the coming years.
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