Prudential Financial Inc. (NYSE: PRU) announced that its board of directors has appointed Chief Executive Officer Andrew Sullivan to the additional role of chairman, effective March 10, 2026.

Sullivan succeeds Charles Lowrey, who resigned as executive chairman and director on March 10. Lowrey will remain with the company as a senior advisor through the end of the second quarter before retiring from Prudential.

Lowrey served Prudential for 25 years in various leadership roles, including executive chairman beginning in 2025, chief executive officer from 2018 to 2025, and chairman from 2019 to 2025.

"I'm honored that the Board has asked me to take on the additional role of Chairman," Sullivan said in the company's statement. "It's a privilege to lead the company at this pivotal moment."

During his tenure as chairman and CEO, Lowrey oversaw growth investments, derisking transactions and organizational changes aimed at strengthening the company's competitive position. He also led the company through the COVID-19 pandemic.

"It has been an honor to serve Prudential for the past 25 years," Lowrey said. "Andy is a proven leader, and I have great confidence in him and the broader leadership team as Prudential enters its next chapter."

Michael A. Todman, Prudential's lead independent director, said Sullivan's experience and knowledge of the business position him to steer the company's growth.

Prudential Financial is a global financial services company with approximately $1.6 trillion in assets under management as of December 31, 2025, according to the company statement.