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Wednesday, September 12, 2018

An Ex-Asset Management Chief Takes Over a $40B Insurer

News summary by MFWire's editors

A former asset management chief is taking over a $40.72-billion market cap insurer this fall.

Charles F. Lowrey, Jr.
Prudential Financial, Inc.
On December 1, Charlie Lowrey, age 60, will succeed John Strangfeld, age 64, as CEO of Newark, New Jersey-based Prudential Financial, Strangfeld confirms this morning. Strangfeld will stay on as chairman until April 5 of next year, when Lowrey will take over that job, too.

Lowrey, who currently serves as chief operating officer and executive vice president of Pru's international businesses, previously spent three years as COO and EVP of Pru's U.S. businesses. And from 2008 to 2011, he served as CEO of Pru's asset management arm, Prudential Investment Management (now called PGIM [profile] and with more than $1 trillion in AUM). He also spent nearly seven years leading Prudential Real Estate Investors and more than a dozen years at J.P. Morgan (where he eventually led real estate investment banking in the Americas).

Strangfeld, meanwhile, has led Pru as CEO for 10 years and once led Pru's global asset management group.

Meanwhile, EVP and chief financial officer Rob Falzon is succeeding vice chairman Mark Grier, also on December 1. Grier will then retire from Pru and the board in August 2019. 

Edited by: Neil Anderson, Managing Editor

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