- Prudential Financial's ( NYSE: PRU ) head of PGIM Fixed Income, Michael Lillard, will retire in April 2024, and will be succeeded by John Vibert, the insurance company said Wednesday.
- Vibert, who joined the company in 2014 as head of Securitized Products, will become president and CEO of PGIM Fixed Income, a $759B active global fixed income manager, effective Jan. 1, 2024. He'll also retain his responsibility of overseeing the global collateralized loan obligation business.
- Lillard joined Prudential ( PRU ) in 1987 and has served in a number of investment and leadership roles through this tenure. In addition to being named head of Fixed Income in January 2016, he was also the firm's chief investment officer from 2008 to 2021.
- In Q3 2022, PGIM's adjusted operating income dropped by ~33% to $219M, primarily due to lower asset management fees.
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Prudential Financial announces PGIM Fixed Income CEO transition in 2024