Prudential Financial has named Charles Lowrey as its new CEO, replacing John Strangfeld who will retire on 30 November 2018.

Lowrey will assume the new responsibility on 1 December 2018. At present, he works as the executive vice president and COO for international businesses at Prudential.

Strangfeld has been working for 40 years at Prudential. He has been chairman and CEO since 2008.

Strangfeld will hold the position of non-executive chairman till 5 April 2019, following which the role will be handed over to Lowrey.

The company also appointed Robert Falzon as its new vice chairman, replacing Mark Grier who will retire from the firm and step down from the board in August next year.

“We are fortunate to have a deep bench of talented leaders, including Charlie and Rob, and the best employees in the industry. I am confident that Prudential is well-positioned for continued earnings growth as we continue to unlock the value in our strategic mix of high-quality businesses to bring financial security more into reach for our growing base of customers,” Grier stated.

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Falzon, currently the firm’s executive vice president and CFO, will take up the new role on 1 December 2018.

Commenting on the management changes, Strangfeld said: “Along with the rest of the Board, I am confident that Charlie is the right leader for Prudential’s future. Having successfully led our asset management, U.S. and international businesses, he brings a broad perspective of our operations, a deep understanding of our people and leadership skills that will serve the company well as it continues to grow.

“The Board is also pleased that Rob will assume the role of vice chairman and join Charlie as a member of Prudential’s Office of the Chairman. Both Charlie and Rob are outstanding executives with the capabilities to successfully execute Prudential’s strategy.”