Newark-based Prudential Financial announced a major senior leadership realignment aimed at streamlining its global operations and sharpening its focus on high-growth market opportunities. The restructuring, effective early next year, will see the heads of the company’s primary business units report directly to Chief Executive Officer Andrew (Andy) Sullivan.
The move is designed to foster a “more agile, more focused Prudential,” according to Sullivan, who noted that the new structure will enhance accountability across the firm’s global footprint.
Under the new alignment, four primary business leaders will report directly to CEO Sullivan:
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Phil Waldeck: appointed executive vice president and head of Prudential’s U.S. businesses, effective Feb. 2, 2026.
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David Legher: head of emerging markets.
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Brad Hearn: president and CEO of the Japan Group.
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Jacques Chappuis: president and CEO of PGIM, Prudential’s global asset management arm.
As part of the restructuring, Caroline Feeney, the current global head of retirement and insurance, will depart the company. Sullivan expressed deep gratitude for her years of service, noting the “lasting influence of her leadership” on the organization.
The realignment follows a year of significant transition for Prudential. Sullivan was named CEO in late 2024, officially succeeding Charles Lowrey in March 2025. This latest move appears to be the next step in his agenda to modernize the 150-year-old financial giant.
The restructuring targets three core priorities:
- Direct Accountability: Removing management layers to bring business heads closer to the CEO.
- Growth Acceleration: Aligning resources toward “Emerging Markets” and specialized U.S. segments.
- High-Performance Culture: Streamlining operations to ensure consistent execution across diverse global markets.
The appointment of Waldeck to lead U.S. Businesses brings an experienced hand back to a critical role. Waldeck, who currently heads Multi-Asset and Quantitative Solutions at PGIM, previously served as Prudential’s chief transformation officer.
Waldeck is widely credited as the architect of Prudential’s Pension Risk Transfer (PRT) business, which he helped grow into a $170 billion powerhouse. “Phil is an experienced leader with a deep understanding of our businesses and a proven ability to drive results,” Sullivan said in the announcement.
