Prudential Financial, a pillar of the New Jersey business community and one of the world’s largest institutional asset managers, recently announced a significant leadership transition. The company’s Board of Directors appointed CEO Andrew Sullivan to the additional role of chairman of the board, effective immediately.
Sullivan succeeds Charles Lowrey, who resigned as executive chairman and director on March 10. The move marks a consolidation of leadership as the “Rock” enters its next phase of global growth from its headquarters in downtown Newark.
Lowrey’s departure marks the end of a 25-year tenure with the company. During his time as CEO (2018–2025) and chairman, Lowrey was credited with steering Prudential through the economic volatility of the COVID-19 pandemic and executing a series of “derisking” transactions that streamlined the company’s massive portfolio.
Lowrey will remain as a senior advisor through the end of the second quarter to ensure a smooth transition before officially retiring.
“It has been an honor to serve Prudential for the past 25 years,” Lowrey said in a statement. “Andy is a proven leader, and I have great confidence in him… as Prudential enters its next chapter.”
Sullivan, who took over as CEO in early 2025, now assumes full leadership of the board. Sullivan has been a key architect of Prudential’s current strategy, which focuses on sustainable long-term value and expanding the company’s reach in both emerging and established markets.
“I’m honored that the Board has asked me to take on the additional role of chairman,” Sullivan said. “I have strong conviction in our strategy and the progress we’re making as we continue to execute with discipline.”
For Newark, Prudential’s leadership stability is of vital importance. The company is one of the city’s largest employers and a major driver of local economic development. Michael Todman, Prudential’s lead independent director, emphasized that Sullivan’s dual role will provide “alignment and continuity” for the company’s thousands of employees and millions of policyholders.
“His deep experience and knowledge of our business put him in a strong position to steer Prudential’s growth,” Todman said.
