Prudential Financial has appointed CEO Andrew Sullivan as chairman of the board, consolidating leadership at one of the United States’ largest insurers.
The move follows the resignation of Charles Lowrey, who stepped down as executive chairman and director after 25 years with the Newark, New Jersey-based firm. Lowrey will remain a senior advisor through the end of Q2 before retiring.
Sullivan, 54, takes the dual role amid a strategic overhaul he initiated shortly after becoming CEO. Last December, he restructured the company’s senior leadership, bringing heads of US operations, emerging markets, the Japan group, and global asset management arm PGIM closer to the corner office.
A US Naval Academy graduate and former nuclear submarine officer, Sullivan began his career at Diamond Technology Partners and DaimlerChrysler before moving into insurance. He held senior roles at Cigna, leading M&A in health care and international operations, and later ran individual and senior business segments at CareFirst BlueCross BlueShield. Sullivan joined Prudential in 2011, advancing through leadership positions across group insurance, US businesses, and international and investment management divisions.
Under Sullivan’s leadership, Prudential has focused on capital allocation toward profitable growth, tighter execution, and cultivating a high-performance culture. The strategy has involved exiting certain markets, including PGIM’s Taiwan operations and Kenya’s insurance business, while PGIM shifts to a unified asset manager model targeting margins of 25–30%.
The company reported full-year 2025 net income of $3.576bn, up from $2.727bn in 2024. However, Prudential voluntarily suspended new sales in its Japan unit for 90 days last year to address employee misconduct, an action expected to reduce 2026 pretax adjusted operating income by $300–350m.
Charles Lowrey praised Sullivan and the leadership team, calling his 25-year tenure “an honor,” while Michael A. Todman, lead independent director, said Sullivan’s extensive experience positions him to guide Prudential through its next phase of growth.
