Prudential reveals new CEO as Strangfeld steps down

Prudential has named Charles Lowrey as its next CEO, effective December 2018. He succeeds the company's long-time leader John Strangfeld, who has been chairman and CEO for 11 years.

Lowrey currently serves as executive vice president and chief operating officer, international businesses, Prudential. Strangfeld will remain as non-executive chairman until April 5, 2019, at which time Lowrey will also assume the role of chairman.

The company also announced today that Robert Falzon, executive vice president and chief financial officer, has been named vice chairman of the company, effective December 1, 2018. He will succeed Mark Grier, who will retire from Prudential and step down from the board in August 2019, at which time Falzon will join the board.

Grier joined Prudential in 1995 as chief financial officer and was a key architect behind the company’s demutualization and initial public offering in 2001. Before joining Prudential, Grier was co-head of Chase Global Markets and an executive vice president of The Chase Manhattan Bank.

The company said it will announce the selection of internal candidates to replace Lowrey and Falzon, and expects to name a new chief financial officer and a new chief operating officer of its international businesses next week.

“Along with the rest of the board, I am confident that Charlie is the right leader for Prudential’s future,” said Strangfeld. “Having successfully led our asset management, US and international businesses, he brings a broad perspective of our operations, a deep understanding of our people and leadership skills that will serve the company well as it continues to grow. Both Charlie and Rob are outstanding executives with the capabilities to successfully execute Prudential’s strategy.”

Grier, who will continue to focus on a number of strategic projects through the completion of his tenure, commented: “Because we want to continue our momentum in the market, we have taken a thoughtful, phased and long-term approach to this transition.”

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