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Chairman and Chief Executive Officer, Prudential Financial, Inc.
Charles F. Lowrey is Chairman and CEO of Prudential Financial, Inc. Prior to assuming his current roles, Lowrey served as executive vice president and chief operating officer of Prudential’s International businesses. Previously, he was executive vice president and chief operating officer of Prudential’s U.S. businesses. Lowrey also served as president and CEO of PGIM, Prudential’s global investment management business, and earlier as CEO of its real estate investment business, PGIM Real Estate.
Before joining Prudential in 2001, Lowrey was a managing director and head of the Americas for J.P. Morgan’s Real Estate and Lodging Investment Banking group, where he began his investment banking career in 1988. Earlier, Lowrey spent four years as a managing partner of an architecture firm he founded in New York City. During this time, he became a registered New York architect.
Lowrey received an MBA from Harvard University, a master’s degree in architecture from Yale University and a bachelor’s degree in architecture from Princeton University.
Mr. Lowrey serves as Chairman of the Board and is a member of the Executive Committee.
Vice Chairman, Prudential Financial, Inc.
Rob Falzon is vice chair of Prudential Financial, Inc. and a member of Prudential’s board of directors. As vice chair, Falzon oversees the finance, risk, investments, actuarial, communications, information & technology, and corporate social responsibility functions.
Before being named vice chair, Falzon was executive vice president and chief financial officer of Prudential Financial, Inc. Appointed to this position in March 2013, Falzon oversaw global financial management matters, including financial reporting, treasury, tax, investor relations and mergers and acquisitions.
Previously Falzon was senior vice president and treasurer of Prudential Financial, Inc., responsible for management of the company’s capital, liquidity and borrowing. Before being appointed treasurer in 2009, Falzon served as managing director of PGIM Real Estate, head of its Global Merchant Banking and Global Real Estate Securities Groups and CEO of its European business.
Prior to joining PGIM Real Estate in 1998, Falzon was a managing director in the investment banking group at Prudential Securities Incorporated in New York and was previously a managing director in PGIM’s private fixed income business.
Falzon holds an MBA in finance and accounting from Columbia University and graduated Phi Beta Kappa with a bachelor’s degree in economics from Rutgers University. He is a CFA charterholder, a Certified Public Accountant, and a member of AICPA and the CFA Institute.
Falzon is the chair of the Advisory Boards for the New Jersey Salvation Army and the Salvation Army Boys & Girls Club of Ironbound in Newark. He is a member of both the Rutgers University Board of Trustees as well as the Rutgers University Foundation Board of Overseers and is chair of the Foundation’s Investment Committee.
Chairman, President and Chief Executive Officer, Park Hotels & Resorts, Inc.
Mr. Baltimore has been Chairman, President and CEO of Park Hotels & Resorts, Inc. (a NYSE-listed lodging real estate investment trust) since January 2017. Between May 2016 and January 2017, Mr. Baltimore was President and CEO of the planned Hilton Real Estate Investment Trust. Previously, he was President and CEO of RLJ Lodging Trust (a NYSE-listed real estate investment company) from May 2011 to May 2016. He served as Co-Founder and President of RLJ Development, LLC (RLJ Lodging’s predecessor company) from 2000 to May 2011. He served as VP, Gaming Acquisitions, of Hilton Hotels Corporation from 1997 to 1998 and later as VP, Development and Finance, from 1999 to 2000. He also served in various management positions with Host Marriott Services, including VP, Business Development, from 1994 to 1996. Mr. Baltimore currently serves on the boards of The American Express Company and Park Hotels & Resorts, Inc.
Mr. Baltimore is Chair of the Investment Committee and a member of the Compensation, Executive and Risk Committees.
Former Chairman, OMNITRU
Mr. Casellas served as Chairman of OMNITRU (a consulting and investment firm) from 2011 to 2017. He was VP, Corporate Responsibility, of Dell Inc. (a global computer manufacturer) from 2007 to 2010. He served as Member of Mintz Levin Cohn Ferris Glovsky & Popeo, PC from June 2005 to October 2007. He served as President of Casellas & Associates, LLC (a consulting firm) from 2001 to 2005. During 2001, he served as President and CEO of Q-linx, Inc. and served as President and COO of The Swarthmore Group, Inc. from January 1999 to December 2000. Mr. Casellas served as Chairman, U.S. EEOC from 1994 to 1998 and General Counsel, U.S. Department of the Air Force, from 1993 to 1994.
Mr. Casellas is the Chair of the Corporate Governance and Business Ethics Committee and a member of the Audit, Executive and Risk Committees.
Former Chief Financial Officer, MasterCard Worldwide
Ms. Hund-Mejean served as CFO and as a member of the Management Committee at MasterCard Worldwide (a technology company in the global payments industry) from 2007 to 2019. Ms. Hund-Mejean served as SVP and Corporate Treasurer at Tyco International Ltd. from 2003 to 2007; SVP and Treasurer at Lucent Technologies from 2000 to 2002; and held management positions at General Motors Company from 1988 to 2000. Ms. Hund-Mejean began her career as a credit analyst at Dow Chemical in Frankfurt, Germany. Ms. Hund-Mejean currently serves on the board of the Colgate-Palmolive Company and Royal Dutch Shell plc.
Ms. Hund-Mejean is Chair of the Audit Committee and a member of the Executive and Risk Committees.
Former Senior Vice President, Global Operations, eBay, Inc.
Ms. Jones served as SVP, Global Operations at eBay, Inc. (a multi-national e-commerce corporation) from October 2016 to December 2020, and was responsible for eBay’s customer service, risk, trust, payment operations and workplace resources functions around the world. During that time, Ms. Jones also served as Chair of eBay’s Operating Committee, which managed the firm’s intersection of product and business teams and oversaw the development and execution of the company’s annual business roadmap. Prior to that time, she served in various other leadership positions and focused much of her career on eBay’s global presence, including launching eBay in markets such as Brazil, Russia and Mexico and spearheading eBay’s cross-border trade efforts. Prior to joining eBay, Ms. Jones worked at State Street Bank, Land Rover NA, and for iSKY, Inc., in various leadership roles.
Ms. Jones is a member of the Audit Committee.
Former President and Chief Operating Officer, United Technologies Corporation
Mr. Krapek served as President and COO of United Technologies Corporation (UTC) from 1999 until his retirement in January 2002. Prior to that time, Mr. Krapek held other management positions at UTC, which he joined in 1982. Mr. Krapek is also the co-founder of The Keystone Companies, which was founded in 2002, and develops residential and commercial real estate. Mr. Krapek currently serves on the boards of American Virtual Cloud Technologies, Inc. and Northrop Grumman Corporation.
Mr. Krapek is a member of the Compensation Committee.
Former Vice Chairman of J.P. Morgan Corporate Bank and Founding Chairman of J.P. Morgan Chase Bank, China
Mr. Lighte served as Vice Chairman, J.P. Morgan Corporate Bank, China (a global financial services company), from 2010 to 2014, and the founding Chairman of J.P. Morgan Chase Bank China, from 2007 to 2010. Prior to that, he headed the International Client Coverage for Treasury and Securities Services in J.P. Morgan’s European Global Operating Services Division and was instrumental in re-establishing its corporate bank in London. Mr. Lighte previously served as President of Chase Trust Bank in Tokyo from 2000 to 2002. He was also the founding representative in Beijing of Manufacturers Hanover Trust Company. Mr. Lighte has also taught at several academic institutions, including Middlebury College and the University of Santa Clara.
Mr. Lighte is a member of the Corporate Governance and Business Ethics and Investment Committees.
Former Chairman and Chief Executive Officer, Express Scripts Holding Company
Mr. Paz was Non-Executive Chairman of Express Scripts Holding Company (Express Scripts), a prescription benefit management company, from May 2016 to December 2018 and served as Chairman and CEO of Express Scripts from May 2006 to May 2016 after being appointed CEO in April 2005. Mr. Paz also served as President of Express Scripts from October 2003 to February 2014 and as a director from January 2004 to December 2018. He joined Express Scripts in 1998 as SVP and CFO. Prior to joining Express Scripts, Mr. Paz was a partner at Coopers and Lybrand from 1988 to 1993 and 1996 to 1998 and served as EVP and CFO for Life Partners Group from 1993 to 1995. Mr. Paz currently serves on the board of Honeywell International, Inc.
Mr. Paz is a member of the Audit and Finance Committees.
Former President and CEO, Federal Reserve Bank of Cleveland
Ms. Pianalto served as President and CEO of the Federal Reserve Bank of Cleveland (the Cleveland Fed) from February 2003 until her retirement in May 2014. She was the First VP and COO of the Cleveland Fed from 1993 to 2003 and served as its VP and Secretary to the Board of Directors from 1988 to 1993. Ms. Pianalto also served in various supervisory roles at the Cleveland Fed from 1983 to 1988. Prior to joining the Cleveland Fed, Ms. Pianalto was an economist at the Board of Governors of the Federal Reserve System and served on the staff of the Budget Committee of the U.S. House of Representatives. Ms. Pianalto currently serves on the boards of Eaton Corporation plc, FirstEnergy Corp., and The J.M. Smucker Company.
Ms. Pianalto is a member of the Corporate Governance and Business Ethics and Finance Committees.
Executive in Residence, The Max M. Fisher College of Business at The Ohio State University
Ms. Poon has served as Executive in Residence at the Max M. Fisher College of Business at The Ohio State University since September 2015 and served as Professor of Management and Human Resources at The Max M. Fisher College of Business from October 2014 to September 2015. Ms. Poon previously served as Dean and John W. Berry, Sr. Chair in Business at The Max M. Fisher College of Business at The Ohio State University from April 2009 until October 2014. She served as Vice Chairman and Member of the Board of Directors of Johnson & Johnson from 2005 until her retirement in March 2009. Ms. Poon joined Johnson & Johnson in 2000 as Company Group Chair in the Pharmaceuticals Group. She became a member of Johnson & Johnson’s Executive Committee and Worldwide Chair, Pharmaceuticals Group, in 2001, and served as Worldwide Chair, Medicines and Nutritionals, from 2003 to 2005. Prior to joining Johnson & Johnson, she served in various management positions at Bristol-Myers Squibb for 15 years. Ms. Poon currently serves on the boards of Decibel Therapeutics, Inc., Koninklijke Philips NV*, Regeneron Pharmaceuticals and The Sherwin-Williams Company.
Ms. Poon is Lead Independent Director, Chair of the Executive and Finance Committees and a member of the Investment and Risk Committees.
*On February 23, 2021, Koninklijke Philips N.V. publicly announced that Ms. Poon will retire as a member of its Supervisory Board in May 2021 following the completion of her current term.
Founder and Managing Member, Comprehensive Financial Strategies, LLC
Mr. Scovanner has been Founder and Managing Member of Comprehensive Financial Strategies, LLC, a management consulting firm, since October 2013. Previously, he served as CFO (1994 to 2012) and EVP (2000 to 2012) of Target Corporation (a North American retailer). Prior to joining Target Corporation, Mr. Scovanner held various management positions at The Fleming Companies, Inc., Coca-Cola Enterprises, Inc., The Coca-Cola Company and the Ford Motor Company from 1979 to 1994.
Mr. Scovanner is the Chair of the Risk Committee and a member of the Audit and Executive Committees.
Former Vice Chairman, Whirlpool Corporation
Mr. Todman served as Vice Chairman of the Whirlpool Corporation (Whirlpool), a global manufacturer of home appliances, from November 2014 to December 2015. Mr. Todman previously served as President of Whirlpool International from 2006 to 2007 and 2010 to 2014, as well as President, Whirlpool North America, from 2007 to 2010. Mr. Todman held several senior positions with Whirlpool over his career, including EVP and President of Whirlpool Europe from 2001 to 2005 and EVP, Whirlpool North America, in 2001.
Mr. Todman is Chair of the Compensation Committee and a member of the Executive, Finance and Risk Committees.
Board Diversity
Diversity is an integral part of our Corporate Governance Principles, and the Committee actively considers diversity in recruitment and nominations of directors. The current composition of our Board reflects those efforts and the importance of diversity to the Board:
- Four directors have worked outside the United States;
- Two directors are African-American;
- One director is Asian-American;
- Two directors are Hispanic;
- Four directors are women; and
- One director is LGBT.
Letter from the Board of Directors to Our Shareholders
Beginning with the 2010 Proxy Statement, the Board established a new precedent in Board and shareholder communication. In a sincere, open, and honest Letter to Shareholders, the Board sets out its governance philosophy and describes how it is positioning Prudential for strong long-term performance. The letter encourages shareholders to share opinions, interests, and concerns as a valuable way to support the Board in its stewardship of the Company.
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Director Qualifications and Experience
Prudential Financial is a financial services company that offers a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, and investment management. As such, the Corporate Governance and Business Ethics Committee of the Board evaluates current and potential directors based on the Board's Director Qualification Standards for independence, as well as how an individual director's depth and breadth of experience can add value to the collective range of Board expertise.
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Director Qualifications and Experience chart detail
| Qualifications and Experience | Director |
|---|---|
| ACADEMIA/EDUCATION experience is important because it brings perspective regarding organizational management and academic research relevant to our business and strategy |
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| BUSINESS ETHICS experience is important given the critical role that ethics plays in the success of our businesses. |
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| BUSINESS HEAD/ADMINISTRATION experience is important since directors with administration experience typically possess strong leadership qualities and the ability to identify and develop those qualities in others. |
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| BUSINESS OPERATIONS experience gives directors a practical understanding of developing, implementing and assessing our operating plan and business strategy. |
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| CORPORATE GOVERNANCE experience supports our goals of strong Board and management accountability, transparency and protection of shareholder interests. |
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| CORPORATE RESPONSIBILITY Promotes a concentration in corporate philanthropic or charitable goals by engaging in ethically and societally focused business practices. |
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| ENVIRONMENTAL/SUSTAINABILITY/CLIMATE CHANGE Strengthens the Board’s oversight and assures that strategic business imperatives and long-term value creation are achieved within a sustainable, environmentally focused model. |
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| FINANCE/CAPITAL ALLOCATION experience is important in evaluating our financial statements and capital structure. |
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| FINANCIAL EXPERTISE/LITERACY is important because it assists our directors in understanding and overseeing our financial reporting and internal controls. |
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| FINANCIAL SERVICES INDUSTRY experience is important in understanding and reviewing our business and strategy. |
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| GOVERNMENT/PUBLIC POLICY experience is relevant to the Company as it operates in a heavily regulated industry that is directly affected by governmental actions. |
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| HUMAN CAPITAL MANAGEMENT/TALENT/INCLUSION AND DIVERSITY For oversight of the implementation of a successful framework for workforce acquisition, workforce management and workforce optimization that results in the attraction, development and retention of top candidates with diverse skills and background. |
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| INSURANCE INDUSTRY experience is important in understanding and reviewing our business and strategy. |
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| INTERNATIONAL experience is important in understanding and reviewing our business and strategy. |
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| INVESTMENTS experience is important in evaluating our financial statements and investment strategy. |
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| MARKETING/SALES experience is relevant to the Company as it seeks to identify and develop new markets for its financial products and services. |
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| REAL ESTATE experience is important in understanding and reviewing our business and strategy. |
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| RISK MANAGEMENT experience is critical to the Board’s role in overseeing the risks facing the Company. |
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| TECHNOLOGY/SYSTEMS experience is relevant to the Company as it looks for ways to enhance the customer experience and internal operations. |
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*SOURCE: PRUDENTIAL FINANCIAL, INC. 2021 PROXY STATEMENT
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