- Push-out Score determined
- After almost 11 years in the position
- Accolades, praise, thanks and good wishes for Strangfeld
- Strangfeld spoke at length and said 308 words
(exechange) — Newark, New Jersey, September 12, 2018 — John Strangfeld, chief executive of Prudential, hands over the reins. As announced by Prudential Financial, Inc. in a news release on Wednesday, September 12, 2018, John Robert Strangfeld leaves his post as chief executive officer at the insurance company after almost 11 years in the role, effective November 30, 2018.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.2 years, according to data compiled by exechange. Only 37 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.
Strangfeld’s duties will be taken over by Charles F. (Charlie) Lowrey, currently chief operating officer, International Businesses of Prudential Financial, Inc.
The Board also announced that Robert Falzon, executive vice president and chief financial officer of Prudential, has been named vice chairman of the company, effective December 1, 2018. Falzon will succeed Mark Grier, who will retire from Prudential and step down from the Board in August 2019, at which time Falzon will join the Board.
Grier will transfer his functional management responsibilities to Falzon on December 1, 2018, and will support Falzon and Lowrey in their transitions, as well as focus on concluding some specific strategic projects.
As part of Prudential’s succession planning process, the company will announce the selection of internal candidates to replace Lowrey and Falzon and expects to name a new chief operating officer, International Businesses, and a new chief financial officer next week.
“Now is the right time”
Strangfeld’s departure from the CEO post is explained as follows. Strangfeld said: “After a fulfilling 41-year career at Prudential, including almost 11 years as chairman and CEO, now is the right time for the company to transition to its next generation of leadership.”
Precise information about Strangfeld’s future plans was not immediately available.
Prudential said: “Lowrey, who currently serves as executive vice president and chief operating officer, International Businesses of Prudential, will succeed John Strangfeld, who will retire as CEO on November 30, 2018.”
Share price rise since March 2009
The change follows a rise in the share price of Prudential Financial, Inc. since March 2009.
In the position of CEO since 2008
Strangfeld has served as CEO and President of Prudential Financial since January 2008 and Chairman of the Board since May 2008.
Strangfeld is a member of the Office of the Chairman of Prudential Financial and served as Vice Chairman of Prudential Financial from 2002 through 2007, overseeing the U.S. Insurance and Investment divisions.
Prior to his position as Vice Chairman, Strangfeld held a variety of senior investment positions at Prudential, both within the U.S. and abroad.
Strangfeld will serve as non-executive chairman until April 5, 2019, at which time Lowrey will also assume the role of chairman.
Push-out Score determined
Read the full story in the exechange report 38.2018 ($).