Michael Lillard will retire as head of PGIM Fixed Income in April 2024 and be succeeded by John Vibert, effective Jan. 1, 2024, confirmed Lizzie Lowe, a spokeswoman for PGIM, by email.
Mr. Vibert is currently president of PGIM Fixed Income and will add the title of chief executive officer as well, Ms. Lowe said. Mr. Vibert will report to PGIM CEO David Hunt, she added.
Mr. Vibert assumed the newly created role of president of PGIM Fixed Income in January 2022, according to a Wednesday news release.
As president of PGIM Fixed Income, Mr. Vibert has worked closely with Mr. Lillard on the "strategic direction and overall management" of the firm, including oversight of global operations, technology and business management functions, the release noted.
Mr. Vibert also currently oversees the global collateralized loan obligation business and will retain that responsibility upon his appointment as CEO, the release said.
Mr. Lillard, who was first named head of Fixed Income in January 2016, will serve as an advisor to the firm from January through his April 2024 retirement date.
In addition, Craig Dewling and Gregory Peters, both managing directors, will remain co-chief investment officers and will report to Mr. Vibert when he assumes the role of CEO, according to the release.
PGIM is the global investment management business of Prudential Financial and had total assets under management of $1.2 trillion as of Sept. 30.
PGIM Fixed Income accounted for about $759 billion in assets as of the same date.