Prudential Financial has announced a major realignment of its senior leadership structure aimed at streamlining operations in its largest markets and enhancing accountability across its global businesses.
The leadership restructuring is intended to strengthen Prudential's ability to execute its strategy consistently while fostering a high-performance culture. The change also builds on leadership adjustments earlier this year within the company's Japan business.
Under the restructuring, leaders responsible for the company's US operations, as well as the emerging markets, the Japan group and asset management business PGIM will now report directly to CEO Andrew Sullivan.
Commenting on the move, Sullivan emphasized that the realignment positions Prudential to deliver stronger and more consistent results over time, aligning organizational structure with strategic priorities.
Key leadership appointments
Phil Waldeck (pictured), formerly head of multi-asset and quantitative solutions at PGIM, has been appointed executive vice president and head of Prudential’s US Businesses, effective Feb. 2, 2026. Waldeck’s prior experience includes serving as Prudential’s chief transformation officer, president of Retirement, and head of Pension and Structured Solutions, giving him deep insight into the company’s core markets and customer segments.
David Legher, head of Emerging Markets, will report directly to Sullivan alongside Waldeck, Japan Group president and CEO Brad Hearn, and PGIM president and CEO Jacques Chappuis.
As part of the changes, Caroline Feeney, global head of Retirement and Insurance, will depart Prudential, concluding a tenure marked by significant contributions to the company’s operations and growth initiatives.
Responding swiftly to market changes
The leadership realignment is expected to enhance Prudential's ability to manage its diversified insurance and retirement portfolio more efficiently. By consolidating reporting lines, Prudential said it will be able to respond more swiftly to market changes, optimize cross-business collaboration and drive innovation in insurance product offerings and retirement solutions.
In the US life insurance market, the realignment could accelerate product development tailored to evolving consumer needs, particularly in individual life and group insurance segments.
Prudential's focus on intergrated retirement solutions may also help address the growing demand for income-stable annuities, workplace retirement plans and holistic wealth management products. By leveraging quantitative strategies and multi-asset investment capabilities under Waldeck's leadership, Prudential is positioned to enhance risk-adjusted returns and ensure the long-term financial security of policyholders and plan participants.
