John Strangfeld is retiring as CEO of Prudential Financial Inc. at the end of November and will be replaced by Charles Lowrey, currently executive vice president and chief operating officer, International Business of Prudential, the Newark-based company announced Wednesday.
Strangfeld will serve as non-executive chairman until April 5, at which time Lowrey will also assume the role of chairman.
The company’s board of directors also announced that Robert Falzon, executive vice president and chief financial officer of Prudential, has been named vice chairman of the company, effective Dec. 1. Falzon 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 will transfer his functional management responsibilities to Falzon on Dec. 1, the company said.
Prior to assuming his current role in April 2014, Lowrey was executive vice president and chief operating officer of Prudential’s U.S. businesses. Previously, he served as president and CEO of PGIM, Prudential’s global investment management business; and earlier as CEO of its real estate investment business, PGIM Real Estate.
Before joining Prudential in 2001, Lowrey was a managing director and head of the Americas for J.P. Morgan’s Real Estate and Lodging Investment Banking group, where he began his investment banking career in 1988.
Strangfeld has served as the company’s chairman and CEO since 2008. In that time, Prudential solidified its position as a leader in pension risk transfer, completing more than $100 billion in transactions. The company is also among the top providers of workplace retirement plans and individual retirement income solutions; one of the 10 largest global asset managers with $1.4 trillion under management as of June 30; one of the largest life insurance companies in both the U.S. and Japan; and a presence on the international scene with nearly 50 percent of the its operating earnings and employees outside the U.S.
“Along with the rest of the board, I am confident that Charlie is the right leader for Prudential’s future,” Strangfeld said in a statement. “Having successfully led our asset management, U.S. 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.”