Prudential Financial announced a comprehensive realignment of its senior business leadership, placing the heads of its U.S. businesses, Emerging Markets, the Japan Group, and PGIM directly under CEO Andrew Sullivan. Phil Waldeck, currently head of Multi‑Asset and Quantitative Solutions at PGIM, will become executive vice president and head of Prudential’s U.S. businesses effective February 2 2026. David Legher, head of Emerging Markets, and Brad Hearn, president and CEO of the Japan Group, will also report directly to Sullivan.
The restructuring is intended to streamline operations in the company’s largest markets and sharpen focus on key growth opportunities. By consolidating senior leadership under the CEO, Prudential aims to reduce decision‑making layers, improve accountability, and accelerate execution across its insurance and asset‑management businesses.
The move also signals a shift in how Prudential will manage its global segments. The U.S. businesses, which account for a significant portion of the company’s revenue, will now be led by Waldeck, whose experience in transformation and quantitative solutions positions him to drive growth in a highly competitive market. Emerging Markets and the Japan Group, both critical to Prudential’s international expansion, will be overseen directly by Sullivan, ensuring that regional strategies align closely with the company’s global priorities. Caroline Feeney, global head of Retirement and Insurance, will depart as part of the changes, reflecting a broader realignment of the retirement business leadership.
Prudential manages approximately $1.6 trillion in assets under management as of September 30 2025 and has outlined a long‑term strategy focused on growth in the U.S., Asia, and emerging economies. The leadership realignment supports this strategy by creating a more agile organization that can respond quickly to market dynamics and capitalize on high‑growth opportunities.
CEO Andrew Sullivan said, “We are aligning our leadership structure with our strategy to build a more agile, more focused Prudential. This change positions us to deliver stronger and more consistent performance over time.” His comments underscore the company’s intent to strengthen strategic execution and improve operational efficiency.
The realignment is expected to enhance Prudential’s ability to execute its growth agenda. By centralizing senior leadership under the CEO, the company can reduce bureaucratic delays, foster tighter coordination across business units, and reinforce accountability for results. This structural shift is a key component of Prudential’s broader effort to accelerate growth in its core markets while maintaining disciplined risk management across its diversified portfolio.
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