Prudential has announced top-level leadership changes. Credit: JHVEPhoto/Shutterstock.

Prudential Financial has appointed Andrew Sullivan as its next CEO, effective 31 March 2025.  

Sullivan will take over the role from Charles F Lowrey.  

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He has been integral to Prudential’s strategic direction, managing the International Insurance segment and PGIM, the company’s $1.4trn global investment management business.  

His tenure at Prudential since 2011 cover various leadership roles including overseeing all US-based businesses. 

Commenting on his appointment, Sullivan said: “I am honoured to have the opportunity to lead this company as it embarks on its next chapter. Under Charlie’s leadership, Prudential has made substantial progress towards becoming a higher growth, more capital-efficient company, refined its business mix, invested in technology and innovated new products.” 

Lowrey is set to remain as executive chairman of the board of directors, providing support and counsel to Sullivan. 

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Lowrey said: “As we approach the 150th anniversary of Prudential’s founding, now is the right time to elevate the next generation of leadership, and I look forward to continuing to support Andy in my role as executive chairman.” 

Caroline Feeney, who has led Prudential’s US businesses since 2021, will assume the role of global head of insurance and retirement, effective 31 March 2025. 

Feeney, along with Jacques Chappuis, the incoming head of PGIM, will report to Sullivan. 

Sullivan further added: “We see significant synergies across our US and international insurance and retirement businesses, and bringing these capabilities together in one global division under Caroline’s leadership will create additional opportunities for collaboration and growth. I want to congratulate her on this expanded role.” 

The board also disclosed that vice-chair Robert Falzon will retire from his position on the board and from Prudential on 31 March 2025 and 11 July 2025, respectively. 

Falzon’s 42-year tenure at Prudential has encompassed roles such as executive vice-president and CFO, company treasurer and managing director of PGIM Real Estate.