Business Context and Reporting Period
This Form 8-K Current Report was filed by Prudential Financial, Inc. on February 8, 2011. The filing addresses executive leadership changes within the Company's U.S. Businesses division.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on personnel changes and compensation arrangements.
Material Changes
- Departure: Bernard B. Winograd is retiring as Executive Vice President and Chief Operating Officer (COO) with primary responsibility for U.S. Businesses, effective February 11, 2011. He is expected to leave the Company during the second quarter of 2011.
- Appointment: Charles F. Lowrey, 53, was appointed as Executive Vice President and COO for U.S. Businesses to succeed Mr. Winograd.
- Compensation: Mr. Lowrey will receive an annual salary of $550,000 and will participate in the 2011 Mid-Term and Long-Term Incentive Programs.
Outlook, Risks, and Management Commentary
The filing includes the appointment of Mr. Lowrey, who previously served as President and CEO of Prudential Investment Management (PIM) and CEO of Prudential Real Estate Investors. He joined the Company in March 2001. The filing also references the terms and conditions for executive awards under the 2011 Mid-Term and Long-Term Incentive Programs as Exhibit 10.1. No specific risks, contingencies, or unusual items regarding financial operations are disclosed in this text.
Investor Verification Checklist
- Verify the effective date of Bernard B. Winograd's retirement (February 11, 2011) and his expected departure timeline (Q2 2011).
- Confirm Charles F. Lowrey's new role as Executive Vice President and COO for U.S. Businesses.
- Review the attached news release (Exhibit 99.1) for additional details on the transition.
- Examine Exhibit 10.1 for specific terms regarding the 2011 Mid-Term and Long-Term Incentive Programs applicable to Mr. Lowrey.