Prudential Financial Names David Odenath to Lead Combined Annuities Business; Wade Dokken to Join Insurance Division's Strategy Office.Business Editors
NEWARK, N.J.--(BUSINESS WIRE)--Feb. 7, 2003
Prudential Financial, Inc. (NYSE NYSE
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PRU Pruhonice ), 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 Fixed Annuity
An insurance contract in which the insurance company makes fixed dollar payments to the annuitant for the term of the contract, usually until the annuitant dies. The insurance company guarantees both earnings and principal. , mutual funds and life products through the American Skandia distribution channel of independent financial planners. Wade Dokken, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 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 Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. which is responsible for the division's strategic direction including its third-party distribution strategies.
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Please [ improve this article] or discuss the issue on the talk page. 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 Paine Webber and Company was an American stock brokerage firm that was acquired by the Swiss bank UBS AG in 2000. The company was founded in 1880 in Boston, Massachusetts, by William Alfred Paine and Wallace G. 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 United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . 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 Variable Annuity
An insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio. marketplace is expected to increase from 22nd to 6th as measured by sales and from 14th to 4th as measured by assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. .
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 Relocation services or "employee relocation" includes a range of internal business processes that are engaged to transfer employees (and often their families) or entire departments of a business to a new work location. . Prudential Financial and Prudential-Bache International Limited are not affiliated with Prudential plc (UK).
For more information, visit www.prudential.com.
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See 10-K. for the year ended December 31, 2001, should be considered by readers when reviewing forward-looking statements contained in this release.