Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On September 19, 2018 Prudential Financial, Inc. (Prudential or the
Company) announced that the Board of Directors (the Board) has named Scott G. Sleyster as the Companys next Executive Vice President and Chief Operating Officer, International Businesses of Prudential effective
December 1, 2018. Mr. Sleyster, 58, who has served as the Senior Vice President and Chief Investment Officer of Prudential since 2012, will succeed Charles F. Lowrey, who will become the Companys next Chief Executive Officer
effective December 1, 2018 as previously announced.
The Board also announced that Kenneth Y. Tanji, Senior Vice President and Treasurer since 2013,
has been named Executive Vice President and Chief Financial Officer of the Company effective December 1, 2018. Mr. Tanji, 52, will succeed Robert M. Falzon, who will become the Companys next Vice Chairman effective December 1,
2018 as previously announced.
In connection with the above succession planning changes, the Board took the following compensation actions:
Mr. Sleyster
(1) Effective
December 1, 2018, increased Mr. Sleysters salary to $700,000; (2) Set his target annual incentive for 2019 at $2,500,000; and (3) Set his target-long term incentive in February 2019 at $3,800,000, for a target total compensation
of $7,000,000.
Mr. Tanji
(1) Effective December 1, 2018, increased Mr. Tanjis salary to $600,000; (2) Set his target annual incentive for 2019 at
$1,800,000; and (3) Set his target long-term incentive in February 2019 at $2,600,000, for a target total compensation of $5,000,000.