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MONEY MANAGEMENT

Prudential Retirement picks new CEO to replace retiring Christine Marcks

Phil Waldeck
Phil Waldeck

Phil Waldeck was named president and CEO of Prudential Retirement, the company announced Monday.

Mr. Waldeck, who takes on his new job June 5, succeeds Christine Marcks, who is retiring. She has been president and CEO of Prudential Retirement for 10 years.

Mr. Waldeck joined Prudential in April 2004 and is head of the investment and pension solutions business. He has been in charge of “pension risk transfer, longevity reinsurance, structured settlements and stable value businesses,” a Prudential news release said. Yanela Frias will succeed Mr. Waldeck. She was most recently Prudential Retirement's head of structured settlements.

Neither Mr. Waldeck nor Ms. Marcks was available for comment.

Under Ms. Marcks' leadership, Prudential Retirement “broadened its customer reach across the country and strengthened its product offerings as it completed two acquisitions, became a market leader in stable value investing and in pension derisking solutions, and pioneered guaranteed income products in workplace retirement plans,” the news release said.

In March 2016, she was named the recipient of the annual Lillywhite Award, sponsored by the Employee Benefit Research Institute, which honors people who have made significant contributions to Americans' economic security.

The Prudential news release said that under Mr. Waldeck's leadership, the company administered giant pension buyouts involving General Motors ($25 billion) and Verizon Communications ($8 billion), the $28 billion reinsurance transaction covering longevity risk involving the BT Pension Scheme and longevity reinsurance transactions covering more than 100 U.K. pension plans.