Prudential Fixed Income Announces Executive Leadership Changes

Prudential Investment Management (PIM), the global investment management businesses of Prudential Financial, Inc. (NYSE:PRU), announced today that James J. Sullivan, currently head of Prudential Fixed Income, PIM’s global fixed income business and one of the world’s largest fixed income managers, will take on the role of executive chairman effective January 1, 2016. In turn, Michael K. Lillard, currently chief investment officer, will be appointed chief investment officer and head of Prudential Fixed Income.

As executive chairman of Prudential Fixed Income, Sullivan will oversee governance and strategic direction for the business. He will also continue to focus on leading global expansion efforts on behalf of PIM through his role as head of the Global Institutional Relationship Group. In his new role, Lillard will lead day-to-day operations for the fixed income business, and all business and investment group heads will report to him.

“Over the last 15 years, Jim Sullivan has built a deep and talented leadership team, rigorous investment process and track record of delivering long-term performance for clients, while establishing Prudential Fixed Income as one of the premier fixed income managers in the world,” said David Hunt, president and CEO of Prudential Investment Management. “As chief investment officer for Fixed Income, Mike Lillard has led the global investment organization and has demonstrated his capability to lead and grow the business. I am confident that, together, Jim and Mike will further strengthen our ability to meet the investment needs of our clients through our global fixed income platform, and that Jim’s strategic vision will continue to be a critical asset as we further expand PIM’s businesses globally.”

Sullivan added, “These organizational changes are part of Prudential Fixed Income’s long-term succession planning. Mike and I have worked together for more than 25 years, and I have full confidence that he is the right leader to continue to build our business as a premier global fixed income manager. Throughout this transition we will maintain our steadfast focus on our clients, our investment performance and our business as a whole.”

About Prudential Fixed Income

Prudential Fixed Income, with $550 billion in assets under management as of June 30, 2015, offers institutional investors needs-based solutions across all fixed income markets, with a focus on credit strategies and liability-driven investing. The company has portfolio management and research teams in Newark, N.J.; London, Singapore and Tokyo. For more information, please visit http://www.prudentialfixedincome.com.

About Prudential Investment Management (PIM)

Prudential Investment Management’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 16 countries across five continents and had $948 billion in assets under management as of June 30, 2015. For more information, please visit http://www.investmentmanagement.prudential.com.

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