Prudential Financial, Inc. announced that its board of directors has appointed Charles Lowrey as the company's next CEO and member of the board, effective December 1, 2018. Lowrey, who currently serves as executive vice president and chief operating officer, International Businesses of Prudential, will succeed John Strangfeld, who will retire as CEO on November 30, 2018. Strangfeld will serve as non-executive chairman until April 5, 2019, at which time Lowrey will also assume the role of chairman.

The board also announced that Robert Falzon, executive vice president and chief financial officer of the company, has been named vice chairman of the company, effective December 1, 2018. Falzon will succeed Mark Grier, who will retire from the company and step down from the Board in August 2019, at which time Falzon will join the Board. Grier will transfer his functional management responsibilities to Falzon on December 1, 2018, and will support Falzon and Lowrey in their transitions, as well as focus on concluding some specific strategic projects.