Prudential Financial, Inc. (NYSE: PRU), announced that Phil Waldeck has been named President and Chief Executive Officer of Prudential Retirement, a division of Prudential Financial, Inc., effective June 5. He succeeds Christine Marcks, who has informed the company of her decision to retire after more than 13 years of distinguished service, 10 of which were in the role of President and CEO.

“Under Chris’s leadership, Prudential Retirement created a talent-centered, customer-focused culture that has inspired and created significant business growth and innovation, resulting in greater retirement security for a growing market,” Steve Pelletier, chief operating officer of Prudential’s U.S. Businesses, said. “Phil is a passionate advocate for retirement security who will build on Prudential Retirement’s impressive momentum to address unmet financial needs for both institutions and individuals, including increased access to workplace benefit programs and deeper engagement with participants.”

Waldeck, who has more than 30 years of experience, joined Prudential in April 2004 as part of its acquisition of Cigna’s retirement business. He currently leads Prudential Retirement’s Investment & Pension Solutions business, which had $185 billion in Institutional Investment Products account values as of March 31, 2017. While at Prudential, he has spearheaded institutional product innovation efforts both domestically and internationally across the pension risk transfer, longevity reinsurance, structured settlements and stable value businesses.

Yanela Frias will succeed Waldeck as head of Investment & Pension Solutions. Frias was most recently Prudential Retirement’s head of Structured Settlements. She also previously served as Prudential Annuities’ Chief Financial Officer. In March, she was named one of the 50 Most Powerful Latinas in public companies by the Association of Latino Professionals For America, as published by FORTUNE magazine.

Full Content: Business Wire

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