Sullivan Set to Succeed Lowrey as Prudential's CEO in 2025
Dec 4, 2024 at 12:39 PM
Andrew Sullivan, currently serving as executive vice president and head of international businesses and global investment management, is set to succeed Charles Lowrey as the CEO of Prudential Financial. Lowrey will remain as executive chairman for 18 months, collaborating with the board and providing support to Sullivan. Sullivan has been an integral part of Prudential's executive leadership team, driving the company's strategy. He oversees the International Insurance segment and the $1.4 trillion global investment management business, PGIM. Since joining in 2011, he has held various leadership positions.Lowrey expressed his confidence in Sullivan, stating, "Andy is an exceptional leader who brings a deep understanding of our businesses, our strategy, our people, and our customers to this role. I have every confidence that he is the right leader to take Prudential into the future."Sullivan, in turn, is eager to take on the new role. He said, "I am honored to have the opportunity to lead this company as it embarks on its next chapter. I would like to thank Charlie and the Board of Directors for their confidence and trust in me. Under Charlie's leadership, Prudential has made substantial progress towards becoming a higher growth, more capital-efficient company, refined its business mix, invested in technology, and innovated new products. I look forward to working with Prudential's leadership team and employees to advance our strategy and expand Prudential's position as a leader in investing, insurance, and retirement security."Caroline Feeney, who has successfully led Prudential's U.S. Businesses since 2021, will expand her role to become the global head of insurance and retirement, a newly created position overseeing Prudential's market-leading domestic and international insurance and retirement businesses effective March 31. Feeney and incoming head of PGIM, Jacques Chappuis, will report to Sullivan.Sullivan said, "We see significant synergies across our U.S. and international insurance and retirement businesses, and bringing these capabilities together in one global division under Caroline's leadership will create additional opportunities for collaboration and growth. I want to congratulate her on this expanded role."The Board also announced that Vice Chair Robert Falzon will step down from the Board effective March 31, 2025, and retire from Prudential effective July 11, 2025. Falzon's 42-year career with Prudential has seen him serve in various leadership positions.Michael Todman, Prudential's lead independent director, thanked Lowrey for his leadership and welcomed Sullivan to his new role. He said, "Among many other achievements, Charlie was the principal architect of a complex strategic transformation that has positioned Prudential to be a nimble, dynamic, and high-growth company for years to come. After thoroughly considering a diverse array of candidates for the CEO role, the Board is confident that Andy is the right leader to continue this progress. I also want to thank Rob for his leadership and his many contributions to Prudential and wish him well in his retirement."
