Prudential Financial Names David Odenath to Lead Combined Annuities Business; Wade Dokken to Join Insurance Division's Strategy Office.
NEWARK, N.J.--(BUSINESS WIRE)--Feb. 7, 2003
Prudential Financial, Inc. (NYSE:PRU), announced today that David Odenath has been named president of the new annuities group that is currently being formed within the Insurance Division as a result of the recently announced agreement to acquire American Skandia.
Planning is underway to integrate the best of both companies. The proposed acquisition is expected to propel Prudential into a top 10 spot in the annuity marketplace and will give Prudential the potential to sell its fixed annuity, mutual funds and life products through the American Skandia distribution channel of independent financial planners. Wade Dokken, president and CEO of American Skandia will stay on with Prudential, reporting to Vivian Banta, vice chairman of Prudential Financial and head of the company's Insurance Division. After the transaction closes, he will join the Insurance Division's Office of Strategic Planning which is responsible for the division's strategic direction including its third-party distribution strategies.
With over twenty years in the financial services business, Odenath is currently president of Prudential's annuities business. Prior to that, Odenath was president of Prudential Investments, the investment products and services group within the company's Investment Division, where he was responsible for annuities, mutual funds, and managed accounts.
"Dave knows Prudential and what it will take to integrate the best of what both companies bring to the marketplace and to the independent investment professional," said Banta.
Prior to joining Prudential in 1999, Odenath was senior vice president and director of sales for the Investment Consulting Group at Paine Webber. In this capacity, Odenath was responsible for distribution of 13 different product lines and for managing multiple distribution forces. During his tenure, managed account assets rose from $3.8 billion in 1993 to $30 billion in 1997.
Dokken is known as an innovator in the industry, from his early days as a stockbroker for Paine Webber to overseeing the launch of American Skandia's mutual funds, qualified plans and variable life insurance products. He joined American Skandia in 1989, as one of the first employees of the US division of Skandia, the Stockholm-based insurance and financial services firm.
"Wade's creativity and proven track record in building distribution strength will help Prudential serve the needs of both the investment professional and investor in the United States. We are very fortunate to have someone like Wade join the Insurance Division's team," said Banta.
Announcements about the senior management team of the combined business group will be made within the next few weeks. The transaction is expected to close during the second quarter, and at that time, Prudential's position in the variable annuity marketplace is expected to increase from 22nd to 6th as measured by sales and from 14th to 4th as measured by assets under management.
Prudential Financial companies, with approximately $533 billion in total assets under management and administration as of September 30, 2002, serve individual and institutional customers worldwide and include The Prudential Insurance Company of America, one of the largest life insurance companies in the U.S. These companies offer a variety of products and services, including life insurance, property and casualty insurance, mutual funds, annuities, pension and retirement related services and administration, asset management, securities brokerage, banking and trust services, real estate brokerage franchises and relocation services. Prudential Financial and Prudential-Bache International Limited are not affiliated with Prudential plc (UK).
For more information, visit www.prudential.com.
Forward Looking Statements: Certain of the statements included in this release constitute forward-looking statements within the meaning of the U. S. Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," "anticipates," "intends," "plans," "assumes," "estimates," "projects," or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. There can be no assurance that future developments affecting Prudential Financial, Inc. and its subsidiaries will be those anticipated by management. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including without limitation: general economic, market and political conditions, including the performance of financial markets, interest rate fluctuations and the continuing impact of the events of September 11, 2001; volatility in the securities markets; reestimates of our reserves for future policy benefits and claims; our exposure to contingent liabilities; catastrophe losses; investment losses and defaults; changes in our claims-paying or credit ratings; competition in our product lines and for personnel; fluctuations in foreign currency exchange rates and foreign securities markets; risks to our international operations; the impact of changing regulation or adverse litigation results; and changes in tax law. Prudential Financial, Inc. does not intend, and is under no obligation to, update any particular forward-looking statement included in this document. The information referred to above, as well as the risks of our businesses described in our Annual Report on Form 10-K for the year ended December 31, 2001, should be considered by readers when reviewing forward-looking statements contained in this release.
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|Date:||Feb 7, 2003|
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