Prudential Financial Inc. has picked Andrew Sullivan to succeed Stephen Pelletier as the head of the company’s U.S. businesses.
Sullivan will take over from Pelletier Dec. 1, the company announced today.
(Related: 3 Reasons Financial Wellness Might Sting)
Sullivan has been the chief executive officer of Prudential’s workplace solutions group in the United States. The workplace solutions group includes the company’s U.S. retirement and U.S. group insurance units.
Prudential says Sullivan will focus on accelerating the company’s financial wellness strategy.
Sullivan has a bachelor’s degree in mechanical engineering from the U.S. Naval Academy. He began his career as an officer on a nuclear submarine.
He later earned a master’s degree in business from the University Delaware, then went to work at Diamond Management & Technology Consultants.
He spent 10 years as an executive at Cigna Corp. and at CareFirst BlueCross BlueShield.
He came aboard at Prudential as a senior vice president for disability insurance and small-group insurance in 2011. He rose up through the ranks in group insurance, and he’s been in the workplace solutions CEO post since October 2017.
Pelletier has been working for Prudential for 27 years, and he has been an executive vice president and chief operating officer for the U.S. businesses since 2014.
Before he took over at his current post, he was CEO of Prudential’s group insurance business.
He has a bachelor’s degree from Northwestern University and a master’s degree from Yale. He serves on the boards of the American Council of Life Insurers, the National Organization on Disability, and the Perkins School for the Blind.
Prudential says Phil Waldeck, who has been president of the retirement unit and the architect of Prudential’s pension risk transfer business, will take over from Sullivan as head of workplace solutions.
- Yanela Frias, head of investment and pension solutions, will succeed Waldeck.
- Scott Gaul, the senior vice president working under Frias, will succeed Frias.
- Dylan Tyson, the CEO of Prudential of Taiwan, will become president of Prudential Annuities. Kent Sluyter, who has been running that unit, will retire, after a 38-year career with Prudential.
- Caroline Feeney will continue to be CEO of the individual solutions unit, and Salene Hitchcock-Gear will continue to be president of individual life and Prudential Advisors.
The executive changes moves that the individual life and individual solutions heads will continue to operate under an executive who came up from the group insurance operation.
What Prudential Is Telling Investors
In a brief report filed with the U.S. Securities and Exchange Commission, Prudential says it will increase Sullivan’s salary to $700,000, that his target annual incentive for 2020 will be set at $2 million, and that is February 2020 target long-term incentive will be set at $3.3 million, for a target total compensation of $6 million.
— Read Using Return-to-Work Programs to Improve Profits and Morale, on ThinkAdvisor.