The board of directors of Prudential Financial has elected vice chairman John Strangfeld as the company's new CEO and member of the board of directors effective January 1, 2008.

Mr Strangfeld, who currently runs all of Prudential’s US businesses, will succeed chairman and CEO Arthur Ryan, who will retire as CEO at the end of 2007. Mr Strangfeld will become chairman after Ryan retires from that position in May 2008.

The board has also elected vice chairman Mark Grier, who is currently responsible for all of Prudential’s international businesses, to the board of directors effective January 1, 2008.

Mr Strangfeld began his career at Prudential 30 years ago. He received a bachelor’s degree in business administration from Susquehanna University and an MBA from the Darden School of Business at the University of Virginia.

Mr Grier has joined Prudential as CFO in May 1995. In 2002, he was named vice chairman, with responsibility for financial management. He later assumed responsibility for all of the company’s international businesses. Before joining Prudential, Mr Grier was co-head of Chase Global Markets and an executive vice president of The Chase Manhattan Bank.

Mr Ryan said: The board’s decision to name John as the company’s new CEO and chairman-elect represents the culmination of a thoughtful succession process that began nearly two years ago. He is an outstanding leader who has the qualities and skills necessary to ensure Prudential’s growth and success.