Prudential Financial Inc. appointed the next president and CEO of PGIM, its $1.4 trillion global investment management business.
Jacques Chappuis will succeed David Hunt, who will retire as president and CEO May 1, 2025. He will oversee the business that operates more than 40 offices across 19 countries and jurisdictions as well as employs over 1,400 investment professionals, serving both retail and institutional clients. Hunt will continue as chairman of PGIM until July 31, 2025.
Chappuis will report to Andrew Sullivan, head of international businesses and global investment management for Prudential. The Newark-based firm announced the changes Nov. 8.
Meet the new leader
Chappuis joins PGIM from Morgan Stanley, where he most recently served as co-head of Morgan Stanley Investment Management. According to his LinkedIn profile, the 30-year investment management veteran was first with Morgan Stanley from 2006 to 2013. After a stint with The Carlyle Group, he rejoined the company in 2016. He also worked for Citigroup and The Boston Consulting Group earlier in his career.
He received his bachelor’s in finance from Tulane University and an MBA from Columbia Business School.
“Jacques is well known for his deep commitment to clients, his leadership in acquisitions, and breadth of expertise across public and private market solutions. We know that he is the right person to lead PGIM’s next chapter of growth,” Sullivan said in a statement.
Chappuis said he was “proud” to be the next PGIM leader. “PGIM’s expertise and capabilities across public and private markets reinforces its commitment to meeting clients’ differentiated long-term investment needs, and I look forward to building upon the firm’s successes,” he added.
A fond farewell
Hunt, who has led PGIM since 2011, shared the company’s transition plans in a LinkedIn post. “The hardest part about any job that you feel deeply passionate about is the privilege yet difficult decision to pass along the torch to the next leader,” he wrote.
In introducing Chappius, Hunt added, “After 13 deeply fulfilling years leading PGIM, it’s time for the next chapter of PGIM’s growth. Although this decision is never easy for anyone, I am confident that Jacques is the right person to lead PGIM’s next phase of growth.”
“Under David’s leadership, PGIM has grown to become one of the premier global asset managers in the world, well known for its public and private markets investment expertise, with assets under management growing to $1.4 trillion from $619 billion since David joined the firm in 2011,” Sullivan said.
“David has overseen PGIM’s impressive expansion in the U.K., Europe and Japan, as well as the integration of new capabilities such as private equity secondaries and the expansion of expertise in existing asset classes, including private credit. His contributions and commitment to culture have also led to PGIM being recognized as a Best Place to Work in Money Management by Pensions & Investments for several years,” Sullivan continued. “We are grateful to David for his 13 years of service to PGIM. He leaves an indelible impression on PGIM’s legacy.”
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Source: njbiz.com
