Prudential Retirement announced a reorganization Monday designed to help the company respond faster to business developments, President Christine Marcks said in an interview.
Establishing three broad business units that report directly to her as well as elevating the firm’s strategic relationship business to directly report to her “will strengthen our response to innovation,” Ms. Marcks said in unveiling the reorganization Monday. “Markets are changing rapidly,” she added, noting that Prudential Retirement decided to change its structure after conducting a review this summer.
Ms. Marcks said a key part of the reorganization was having the strategic relationship business, led by Senior Vice President Harry Dalessio, report directly to her for the first time. “This change demonstrates our continued commitment to our intermediaries and gives us an even greater focus going forward,” Ms. Marcks said.
The strategic relationship business unit will supervise strategies for intermediary relations for three separate broad business areas — total retirement solutions, institutional investment solutions and pension and structured solutions. The strategic relationship unit also will be responsible for relationships with outside distribution partners and intermediaries, setting strategy and goals for all three lines of business.
The leaders of the three broad business units also report directly to Ms. MarcksThe pension and structured solutions business, led by Phil Waldeck, senior vice president pension and structured solutions, covers pension risk transfer and structured settlements. This unit’s responsibilities remain the same.
The total retirement solutions unit, led by George Castineiras, senior vice president for total retirement solutions, represents a restructuring of some businesses. It includes defined contribution, defined benefit and non-qualified plans as well as consulting services.
The institutional investment solutions business, led by Jamie Kalamarides, senior vice president for institutional investment solutions, also represents a restructuring of some businesses. It will develop assorted products — bank, brokerage, stable value, institutional income and institutional investments — sold to third-party partners and to existing clients.