Prudential Financial, Inc. said that it has named two long-time executives to lead the company's Group Insurance and Annuities businesses.
In a release, the Company said that Stephen Pelletier, who is currently President of Prudential Annuities, will become President of the Group Insurance Business, replacing Lori High, who has resigned. Robert O'Donnell, currently Senior Vice President, Head of Product, Investment Management and Marketing for Prudential Annuities, will become President of the Annuities business.
"I'm delighted we have a leader as seasoned and capable as Steve to head Group Insurance and sustain Prudential's commitment to this business," said Charles Lowrey, Chief Operating Officer, U.S. Businesses. "Under Steve's leadership, Prudential Annuities established its position as a market innovator and leader. I also want to thank Lori for her 13 years of service to the company."
The company said that Pelletier joined Prudential in 1992. Before leading the Annuities Business, he served as chairman and CEO of Prudential International Investments, responsible for Prudential's Investment Management Business in international markets, including China, Japan, Korea, Taiwan, Mexico, Germany and Italy. In addition, Pelletier was responsible for the company's offshore investment products. He has also held executive positions at Chemical Bank and Manufacturers Hanover Trust.
"Bob's experience and background make him uniquely qualified to succeed as President of our Annuities Business," Lowrey said. "Bob has a deep understanding of, and commitment to, Prudential Annuities because he has been responsible for virtually every aspect of the business, including product development and management, and research. He has also led the independent investment advisory portion of the Annuities business and the Annuity Innovation Team that drives the firms' creative process."
Prudential said that O'Donnell joined the company in 2003 when the company acquired American Skandia. He started at American Skandia in 1997 and led the development and implementation of variable annuities, life insurance, mutual fund, and qualified plan products. The first 10 years of his career, which included time at The Travelers Insurance Company and Mass Mutual, were focused on finance and operational disciplines.
Prudential Financial, Inc., a financial services company with approximately $901 billion of assets under management as of December 31, 2011, has operations in the United States, Asia, Europe, and Latin America.
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