Prudential Promotes Global Investment Leader Sullivan to CEO

The board of directors of Prudential Financial Inc. announced Tuesday the appointment of Andrew Sullivan as the next CEO of the insurer and investment manager, effective March 31, 2025.  

Sullivan currently serves as executive vice president and head of international business and global investment management, overseeing Prudential’s international insurance business unit and PGIM, its $1.4 trillion asset management business.  

Sullivan will succeed Charles F. Lowrey, the current chair and CEO of Prudential; Lowrey will continue to chair the board.  

Jacques Chappuis, named head of PGIM in November, will report to Sullivan, effective in May. Chappuis came from Morgan Stanley Investment Management and will succeed David Hunt, who will retire in May and remain on as chairman until July 31, 2025.

“Andy is an exceptional leader who brings a deep understanding of our businesses, our strategy, our people, and our customers to this role, and I have every confidence that he is the right leader to take Prudential into the future,” Lowrey said in a statement.  

In addition to Sullivan and Chappuis’ appointments, the firm announced several upcoming personnel changes: 

• Caroline Feeney, currently an executive vice president and head of U.S. businesses, was named global head of insurance and retirement, effective March 31, 2025, reporting to Sullivan; 

• Lowrey will continue in the position of executive chair for the next 18 months; and  

• Robert Falzon, vice chair of the firm, will retire, effective July 11, 2025, after 42 years at the firm. 

Sullivan joined Prudential in 2011. Prior, he was a senior vice president at BlueCross BlueShield and held senior leadership positions at Cigna for eight years. He served as a nuclear submarine officer in the U.S. Navy, having earned a bachelor of science degree in mechanical engineering from the United States Naval Academy in Annapolis, Maryland. He also holds an executive MBA from the Lerner College of Business and Economics at the University of Delaware.  

“I am honored to have the opportunity to lead this company as it embarks on its next chapter,” Sullivan said in a statement. “I look forward to working with Prudential’s leadership team and employees to advance our strategy and expand Prudential’s position as a leader in investing, insurance, and retirement security.” 

Prudential is active in the pension risk transfer market, completing more than $90 billion in risk transfer transactions since 2011, according to the firm.