Prudential Financial reshuffles US business leadership in growth drive

Prudential Financial has appointed Andrew Sullivan to succeed Stephen Pelletier as executive vice president and head of US businesses, effective December 1.

Pelletier will retire following a 27-year career with the company, in which he led group insurance and Prudential Annuities, and founded Prudential’s international asset management businesses, now PGIM Global Partners. He will remain in an advisory role until April 1, 2020.

The company has also announced three new appointments, effective December 1, to strengthen its US businesses executive team.

Phil Waldeck, current president of Prudential Retirement and pioneer of Prudential’s Pension Risk Transfer business, will succeed Andy Sullivan as head of the Workplace Solutions Group.

Yanela Frias, current head of investment and pension solutions within the retirement business, which surpassed $100 billion in pension and longevity risk transfer sales under her leadership, will be elevated to president of Prudential Retirement. She will be succeeded by Scott Gaul, current senior vice president, sales and strategic relationships, Prudential Retirement.

Finally, Dylan Tyson, current CEO of Prudential of Taiwan who, in a prior role, led the General Motors pension risk buyout transaction for Prudential, will become president of Prudential Annuities. His successor will be named upon receiving regulatory approval.

Kent Sluyter, current president of Prudential Annuities, will retire following a 38-year career at Prudential, during which he has held various leadership positions, including president and CEO of Individual Life Insurance and Prudential Advisors.

Charles Lowrey, chairman and CEO or the company, said: “Today’s appointments accelerate the momentum that the existing U.S. leadership team has created over the past several years. Andy and his executive team will continue to bring a broader set of financial wellness solutions to more people in new ways. Our conviction in this strategy, and the significant opportunity it represents for expanding our market reach, has never been stronger.”

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