Prudential Financial Inc. announced changes to senior management intended to realign strategic priorities with its talent management, the company said.
Ed Baird, EVP and COO of Prudential’s International Division will retire on April 4. Baird joined Prudential in 1979 and was appointed to head the international businesses in 2008. Previously he was president of Prudential’s Group Insurance business, chairman and president of Pruco Life Insurance Co. and chief representative of Prudential Investment Management, where he oversaw Prudential’s Retail and Institutional Asset Management businesses in Japan.
“Ed has done a superb job as the head of our international businesses. He led the businesses during a period of tremendous growth in Japan and is the chief architect of our recent expansion into new international markets,” said John Strangfeld, Prudential Chairman and CEO. “Throughout his career, he has provided remarkable insight, and we thank and applaud him for his many contributions and dedicated service.”
Baird will be replaced by Charles Lowrey, previously EVP and COO of Prudential’s U.S.-based businesses, including Prudential Investment Management, Prudential Retirement, Prudential Annuities and Individual Life Insurance and Group Insurance, which had a combined $1 trillion in assets under management as of Dec. 31, 2013.
Previously Lowrey was president and CEO of Prudential Investment Management, Prudential Financial’s asset management business, and was CEO of Prudential Real Estate Investors. He joined the company in March 2001 and earned an MBA from Harvard University, an M.A. in architecture from Yale University and an A.B. in architecture from Princeton University, Prudential said.
“Under Charlie’s leadership, our U.S. Businesses have increased earnings over the last three years by 50 percent,” Strangfeld said. “He is a champion of collaboration, diversity and talent management, with a particular focus on developing strong leaders.”
Steve Pelletier will succeed Lowrey as head of U.S. Businesses and will be promoted to EVP. He is currently CEO of Prudential’s Group Insurance business, which offers employee benefits solutions, including Group Life, Disability, and Group Nonqualified Benefit Funding programs. Previously, Pelletier was president of Prudential Annuities and held several senior leadership roles in the U.S. and around the world. He received an M.A. from Yale University and a B.A. from Northwestern University, Prudential said.
“Steve’s broad base of international and U.S. experience, skill at addressing challenging business situations and talent mindset make him uniquely qualified to take over from Charlie,” Strangfeld said.
Lori Fouché, who now is president and COO of Group Insurance, will be promoted to SVP and assume Pelletier’s role as CEO of the Group Insurance business. Fouché joined Prudential in 2013 and has more than 20 years of insurance industry experience, and was president and CEO of Fireman’s Fund Insurance Co., Prudential said. She earned an MBA at Harvard Business School and a B.A. in history from Princeton University.
“Lori is a highly regarded and experienced business executive who has held several key roles in the commercial insurance industry,” Strangfeld said. "She knows the commercial insurance market and has been an asset in the Group business since joining us nine months ago."
