Phil Waldeck (Photo: Prudential)

Prudential Financial Inc. has picked Phil Waldeck to succeed Christine Marcks as president of the company’s Prudential Retirement unit.

Marcks has decided to retire after 10 years as the head of the retirement unit, Prudential said Monday.

Waldeck has been the head of the Newark, New Jersey-based company’s investment and pension solutions unit.

(Related: Prudential Hires HR Chief)

The retirement unit oversees all of Prudential’s defined benefit pension plan and defined contribution plan operations and related businesses.

The investment and pension solutions unit, part of the retirement unit, oversees pension risk transfer transactions, longevity reinsurance, structured settlements and stable value funds. It manages products with a total of $185 billion in account value.

While at the investment and pension solutions unit, Waldeck oversaw the General Motors and Verizon pension plan buyouts.

Waldeck, who works in Hartford, Connecticut, spent almost 20 years in the retirement business at Cigna Corp. He ended up at Prudential after Prudential acquired Cigna’s retirement business.

Waldeck has a bachelor’s degree from Tufts University and a master’s degree in business from the University of Michigan. He is a registered representative.

Yanela Frias, who has been head of the structured settlements division at the investment and pension solutions unit, will take over as head of investment and pension solutions. Frias has a bachelor’s degree in accounting and a master’s degree in business from Rutgers University.

— Read Stable Value Funds May Gain Popularity in Retirement Plans on ThinkAdvisor.