| Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
Departure from the Board of Directors
On February 19, 2025, Douglas A. Scovanner, a member of the Board of Directors (the “Board”) of Prudential Financial, Inc. (the “Company”), notified the Board that he will not stand for reelection to the Board at the Company’s next annual meeting of shareholders, to be held on May 13, 2025, at which time he will have served on the Board for more than 11 years. Mr. Scovanner is departing the Board for personal reasons and not due to any disagreement with the Company on any matter related to the Company’s operations, policies or practices.
Executive Changes
On February 21, 2025, the Company announced that Robert Boyle, 59, has been appointed Senior Vice President, Controller and Principal Accounting Officer, effective April 7, 2025, succeeding Robert Axel.
Mr. Boyle has been Vice President and Chief Financial Officer for Prudential’s International Insurance Businesses since 2023. Previously, he served as Vice President and Chief Financial Officer of Prudential’s Retirement Strategies business. Mr. Boyle joined the Company in 1998, prior to which he spent ten years with Deloitte & Touche.
In connection with Mr. Boyle’s appointment, the Board took the following compensation actions: Effective April 7, 2025, set (1) Mr. Boyle’s salary at $470,000 per year; (2) his target annual incentive for 2025 at $611,000; and (3) his target long-term incentive, commencing with the annual grants made in February 2026, at $719,000, for an annual target total compensation of $1,800,000.
