NU Online News Service, Aug. 7, 2:28 p.m. – Prudential Financial Inc., Newark, N.J., has set up a new Office of the Chairman.
The Office of the Chairman will consist of four executives who have just been given the title of vice chairman: Vivian Banta, who has been executive vice president of the U.S. consumer group; John Strangfeld, who has been the executive vice president in charge of Prudential Securities and Prudential Investment Management; Rodger Lawson, who has been executive vice president in charge of international investments; Mark Grier, who has been vice president of financial management
Prudential has also reorganized its operations into three new divisions: the insurance division, the investments and division and the international insurance and investments division.
The insurance division, which will report to Banta, will run the company’s individual life insurance, annuities, group insurance, property-casualty insurance, retail distribution and voluntary benefits operations, along with Prudential’s real estate and relocation services and the company’s electronic development group.
The investments division will run Prudential Securities and Prudential’s asset management services, guaranteed products, retirement services, mutual funds and managed account products.
The international insurance and investments division will handle Prudential’s international insurance and international investment operations.
Prudential also announced that Jean Hamilton, chief executive of Prudential Institutional, the company’s employee benefits division, will leave at the end of the August to pursue other opportunities.