The Board of Directors of Prudential Financial, the US insurance and investment firm, have appointed Andrew Sullivan as the company’s next Chief Executive Officer (CEO), effective March 31st, 2025, succeeding Charles F. Lowrey
Sullivan is currently Executive Vice President (EVP) and Head of International Businesses and Global Investment Management.
Lowrey will remain as Executive Chairman of the Board for 18 months, working with the Board and supporting and advising Sullivan.
As part of Prudential’s executive leadership team, Sullivan has played an important role in driving the company’s strategy.
He oversees the company’s International Insurance segment and PGIM, the firm’s $1.4 trillion global investment management business.
Since joining the company in 2011, he has held successive leadership positions, including heading all of the firm’s US-domiciled businesses.
Lowrey commented on the appointment, “Andy is an exceptional leader who brings a deep understanding of our businesses, our strategy, our people, and our customers to this role, and I have every confidence that he is the right leader to take Prudential into the future. As we approach the 150th anniversary of Prudential’s founding, now is the right time to elevate the next generation of leadership, and I look forward to continuing to support Andy in my role as Executive Chairman.”
Sullivan added, “I am honoured 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.”
As part of the leadership plan, Caroline Feeney will expand her role into the newly created position of Global Head of Insurance and Retirement. In the role, her remit includes overseeing Prudential’s market-leading domestic and international insurance and retirement businesses and is effective March 31st, 2025. Having successfully led Prudential’s US Businesses since 2021, Feeney and the incoming Head of PGIM, Jacques Chappuis will both report to Sullivan.
Sullivan commented, “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 has also stated that Robert Falzon, the Vice Chair will step down from the Board, effective March 31st, 2025, and retire from Prudential, effective July 11th, 2025.
Falzon, a market veteran with a 42-year career with Prudential has seen him serve as EVP and Chief Financial Officer (CFO) of Prudential. He was also the company treasurer and Managing Director of PGIM Real Estate, Head of PGIM’s Global Merchant Banking and Global Real Estate Securities groups and CEO of its European business.
Michael A. Todman, Prudential’s Lead Independent Director, concluded, “On behalf of the Board, I would like to thank Charlie for his leadership and continued commitment to Prudential. 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.”
