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Newsmakers

Andrew Sullivan Named Next CEO of Prudential Financial

Sullivan, who oversees PGIM, will succeed Charles F. Lowrey in the role.
By Matt Toledo

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.

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Home > News > Pensions > PBGC to Become Fiduciary Manager of St. Joseph Pension Plan
Pensions

PBGC to Become Fiduciary Manager of St. Joseph Pension Plan

As St. Joseph Health Services liquidates, the Pension Benefit Guaranty Corporation will take over management of the health care pension plan. 
By Remy Samuels



The Pension Benefit Guaranty Corporation announced Tuesday that it will take over the St. Joseph Health Services of Rhode Island Retirement Plan, paying pension benefits to about 2,500 current and future retirees.

The PBGC estimates that the former church plan is 35% funded, with approximately $47 million in assets and about $135 million in benefit liabilities. The plan was underfunded by $88 million, according to the announcement.

St. Joseph Health Services was a not-for-profit corporation that operated a hospital in Providence, Rhode Island. The PBGC is stepping in to take responsibility for the plan because St. Joseph Health Services has ceased operations and is liquidating. According to the PBGC, the plan has been unable to fund the minimum required pension contributions, and the pension plan is significantly underfunded.

The sponsor of the plan, St. Joseph Health Services of Rhode Island Inc., sold substantially all of its operating assets in 2014 to Prospect CharterCare. In 2017, the plan was placed into state court receivership. The plan was originally established as a Catholic church pension plan and, as such, was not covered by PBGC insurance.

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The plan became covered by the PBGC following the sale of hospital, the appointment of a receiver and a determination by the IRS that the plan was tax-qualified as of 2017.

Rhode Island Superior Court Judge Brian Stern appointed Stephen F. Del Sesto as the receiver, with lawyer Max Wistow named special counsel.

Del Sesto had previously filed a lawsuit against Prospect CharterCare on behalf of the plan and its participants in 2018, alleging that at a certain point, the plan lost its church plan status as defined by the Employee Retirement Income Security Act and was required to adhere to ERISA funding rules.

The parties eventually reached a settlement in 2021, and $30 million was paid to Prospect CharterCare. The lawsuit stated that the settling parties recognized that the claims were “disputed and uncertain” and that the settlement was reached amid a desire to avoid the costs and risks associated with uncertain litigation. Neither party admitted any fault or liability in entering into the agreement.

Retirees currently in the plan will continue to receive benefits without interruption, and future retirees can apply for benefits as soon as they are eligible. The PBGC is currently working with the court-appointed receiver to execute a PBGC trusteeship agreement, at which point the PBGC will become responsible for the plan and pay the pension benefits to current and future retirees up to the  legal limits.

Until the trusteeship agreement is executed, the PBGC advises plan participants to continue to contact the receiver with any benefits-related questions.

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