Prudential US Businesses announces Pelletier's retirement, leadership changes

By: Jessica Perry / jperry@njbiz.com

Stephen Pelletier will retire from Newark-based Prudential Financial after nearly 30 years with the company, during which time he led Group Insurance and Prudential Annuities, and established the company’s international asset management business – now PGIM Global Partners.

Sullivan - PRUDENTIAL

On Thursday afternoon, Prudential announced Andrew Sullivan will succeed Pelletier, effective Dec. 1, as executive vice president and head of U.S. Businesses, reporting to Chairman and Chief Executive Officer Charles Lowrey.

Pelletier will stay on in an advisory role until April 1, 2020, Prudential said.

“Our future is now,” Pelletier said in a Q&A posted to Prudential’s newsroom regarding the leadership transition. “We have an enormous opportunity to deliver financial wellness to more people.

“Andy’s focus has always been customer-first,” he added. “He’ll lead a growth-oriented and purpose-driven executive team of proven innovators and market builders. I have the highest confidence that Andy, our team of next-generation leaders and all of Prudential’s employees will deepen our customer relationships and capture the market opportunity before us.”

The company also announced three appointments to the U.S. Business executive team.

Phil Waldeck will take over for Sullivan as the head of the Workplace Solutions Group, he currently serves as president of Prudential Retirement and pioneer of its Pension Risk Transfer business.

Yanela Frias will be promoted to president of Prudential Retirement. She is the current lead of Investment and Pension Solutions, which the company said has exceeded $100 billion in pension and longevity risk transfer sales under Frias’ leadership. Scott Gaul will succeed Frias; he currently serves as senior vice president, Sales and Strategic Relationships for Prudential Retirement.

Dylan Tyson, who serves as CEO of Prudential of Taiwan, will become president of Prudential Annuities. A successor will be named for Tyson’s current position upon receiving regulatory approval, the company said.

Prudential Financial’s five U.S. businesses are aligned under three groups oriented to the needs of specific customers. - BUSINESS WIRE

“Andy and his executive team will continue to bring a broader set of financial wellness solutions to more people in new ways,” Lowrey said in a prepared statement. “Our conviction in this strategy, and the significant opportunity it represents for expanding our market reach, has never been stronger.”
Ken Sluyter, president of Prudential Annuities, will also retire, according to Prudential. He has been with the company for 38 years.

Continuing in their roles amid the change up in leadership are: David Hunt as president and CEO of PGIM; Caroline Feeney as CEO of Individual Solutions Group; Jamie Kalamarides as president, Prudential Group Insurance; Salene Hitchcock-Gear as president, Individual Life Insurance and Prudential Advisors; Naveen Agarwal as senior vice president and chief marketing officer; and Caroline Faulkneras senior vice president, Enabling Solutions.