Trump Nominates Former SEC Commissioner to Top Job

President-elect Donald Trump has selected a former commissioner of the Securities and Exchange Commission to lead the financial regulator as its next chair, according to a post on Wednesday on his social media network, Truth Social.

Paul Atkins, founder and chief executive of Washington, D.C.–based consultancy Patomak Global Partners, is Trump’s choice to replace outgoing SEC Chair Gary Gensler.

“Paul is a proven leader for common sense regulations,” Trump’spost stated. “He believes in the promise of robust, innovative capital markets that are responsive to the needs of investors [and] that provide capital to make our economy the best in the world.”

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Atkins served as an SEC commissioner under President George W. Bush from 2002 through 2008, focusing on the financial services industry and securities regulation. The SEC is led by five president-appointed commissioners, and no more than three at any time may come from a single political party. His appointment requires Senate approval.

After leaving the SEC, Atkins founded Patomak Global Partners, which provides consulting services to financial services firms on regulatory issues, new products, business strategy and corporate governance. One of Atkins’ focus areas has been supporting and developing best practices for the use of digital assets and trading platforms to expand the market for cryptocurrency, which Trump has supported on the campaign trail.

“[Paul] also recognizes that digital assets [and] other innovations are crucial to making America greater than ever before,” Trump’spost stated.

Gensler, the current SEC chair, has been critical of digital assets and publicly skeptical of incorporating them more fully into markets. Appointed by President Joe Biden in April 2021, Gensler is known for both rigorous rulemaking and enforcement. He announced two weeks ago that he will leave the post on January 20, 2025, the day of Trump’s second inauguration.

Last week, Trump announced his anticipated nominees for secretary of labor and secretary of the treasury. Both require Senate confirmation.

Financial industry trade groups the American Securities Association and the Investment Company Institute, which had both sparred with Gensler’s SEC over proposed or implemented rulemaking, were quick to champion the nomination. In November, the ICI called on the SEC to suspend its work in light of Trump’s election; the SEC responded that it would do no such thing.

“ICI congratulates Paul Atkins on being nominated as the new Chair of the Securities and Exchange Commission,” ICI President and CEO Eric J. Pan said in a statement. “His distinguished record, years of experience in the industry, and history of service at the SEC make him a supremely well–qualified nominee. Atkins understands that registered fund companies play a major role in the U.S. economy. His leadership will be vital to ensuring the strength, fairness, and integrity of our financial markets.”

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Tags: Paul Atkins, SEC, Trump Administration

Andrew Sullivan

The board of directors of Prudential Financial Inc. announced Tuesday the appointment of Andrew Sullivan as the next CEO of the insurer and investment manager, effective March 31, 2025.

Sullivan currently serves as executive vice president and head of international business and global investment management, overseeing Prudential’s international insurance business unit and PGIM, its $1.4 trillion asset management business.

Sullivan will succeed Charles F. Lowrey, the current chair and CEO of Prudential; Lowrey will continue to chair the board.

Jacques Chappuis, named CEO of PGIM, will report to Sullivan, effective in May. Chappuis came from Morgan Stanley Investment Management and succeeds David Hunt, who will retire in May and remain on as chairman until July 31.

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“Andy is an exceptional leader who brings a deep understanding of our businesses, our strategy, our people, and our customers to this role, and I have every confidence that he is the right leader to take Prudential into the future,” Lowrey said in a statement.

In addition to Sullivan and Chappuis’ appointments, the firm announced several upcoming personnel changes:

Caroline Feeney, currently an executive vice president and head of U.S. businesses, was named global head of insurance and retirement, effective March 31, 2025, reporting to Sullivan;

Lowrey will continue in the position of executive chair for the next 18 months; and

Robert Falzon, vice chair of the firm, will retire, effective July 11, 2025, after 42 years at the firm.

Sullivan joined Prudential in 2011. Prior, he was a senior vice president at BlueCross BlueShield and held senior leadership positions at Cigna for eight years. He served as a nuclear submarine officer in the U.S. Navy, having earned a bachelor of science degree in mechanical engineering from the United States Naval Academy in Annapolis, Maryland. He also holds an executive MBA from the Lerner College of Business and Economics at the University of Delaware.

“I am honored to have the opportunity to lead this company as it embarks on its next chapter,” Sullivan said in a statement. “I look forward to working with Prudential’s leadership team and employees to advance our strategy and expand Prudential’s position as a leader in investing, insurance, and retirement security.”

Prudential is active in the pension risk transfer market, completing more than $90 billion in risk transfer transactions since 2011, according to the firm.