Lata Reddy elevated to chair of The Prudential Foundation; company aligns to accelerate growth & advance financial security f...
June 14 2017 - 10:43AM
Business Wire
Prudential Financial, Inc. (NYSE:PRU) has strengthened its
longstanding commitment to address societal needs and champion
financial security by moving its office of Corporate Social
Responsibility to the C-Suite, reporting directly to Vice Chairman
Mark Grier. The move affirms Prudential’s shared value approach to
integrating CSR with business strategy under the leadership of Lata
Reddy, who leads CSR and has been named chair of The Prudential
Foundation.
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Lata N. Reddy, head of Corporate Social
Responsibility, and chair and president of The Prudential
Foundation. Follow her on Twitter: @latareddy (Photo: Business
Wire)
Reddy, the architect of Prudential’s shared value approach, also
serves as president of the Foundation. In these roles, she oversees
the company's efforts to harness capital markets to drive social
and financial mobility and sustainable growth.
“Prudential was founded to serve working families. From our
beginning, we have always believed that our higher purpose is to
pursue inclusive growth that benefits shareholders, customers and
society,” said John Strangfeld, chairman and CEO of Prudential.
“Lata is a transformative leader who has advanced Prudential’s
mission to connect business growth with societal progress. The
elevation of her role and this important organizational shift
recognizes that the integration of Corporate Social Responsibility
and business strategy is foundational to creating true long-term
value,” Strangfeld continued.
Advancing social progress, creating business value
Prudential’s Corporate Social Responsibility efforts tackle some
of society’s most intractable problems and position the company for
the future by building partnerships that lead to new markets or
expand Prudential’s own workforce. Reddy leads these efforts by
harnessing impact investments, philanthropy, corporate
contributions and employee engagement, and leveraging Prudential’s
full business capabilities.
Among examples:
- A recent partnership with Leapfrog
Investments, a private equity platform focused on promoting
financial inclusion in emerging markets, began as a $15 million
impact investment in a fund that invests in companies that provide
insurance, savings, pensions, investment products and other
financial services to emerging consumers in Africa, South Asia and
Southeast Asia. By 2016, the effort grew to a $350 million
investment to expand Prudential’s international business footprint
in Africa.
- A nearly $1 million commitment
from The Prudential Foundation in El Paso, Texas, is helping to
build the next generation workforce in the city, specifically
providing math and technology training to military veterans and
military spouses, and the city’s large Latino community. The
commitment complements the company’s business technology solutions
center, opened in 2014, and promises to create a pipeline for new
talent at Prudential, aiming to make Prudential the city’s employer
of choice.
- Prudential is more than halfway toward
meeting its pledge to build a $1 billion impact investing portfolio
by 2020 that seeks to generate financial returns while creating
social impact. As an example, Newark, N.J.’s iconic Hahne Building
reopened in January after sitting abandoned for nearly three
decades, thanks to a $174 million redevelopment project led by
joint venture partners Prudential Financial and L+M Development.
The project continues Prudential’s campaign of investments to build
a walkable, thriving community in its hometown, and creates a
blueprint for revitalizing similar cities throughout the
country.
- Most recently, Prudential announced a
three-year, $5 million partnership with The Aspen Institute to
advance solutions that increase financial security for all American
workers. The partnership will promote broad reforms in labor and
financial markets to help working people move from financial
fragility toward resilience, mobility and prosperity.
Reddy is credited with leading Prudential’s advancement of the
revitalization of its hometown, Newark, N.J., by combining
investments in the physical redevelopment of the city with
philanthropic funding to support programs that enable social and
economic mobility for its residents. In addition to the Hahne &
Co. project, she has been instrumental in the renovation of
Military Park, the epicenter of the historic downtown corridor; the
creation of a free ultra-high speed Wi-Fi network in Newark’s
downtown district; the development of the Teachers Village
live-learn-work-play community; and bringing next-wave
manufacturing to the city through the innovative vertical farming
company AeroFarms, among numerous other projects and programs.
Reddy originally joined Prudential in 1997 to manage The
Prudential Foundation’s education grants and became vice president
of the Foundation in 2002. She left in 2008 to launch a consulting
practice and returned—to her current role—in 2012. For her entire
career, she has been dedicated to promoting equity—exemplified
through her work as a civil rights attorney with the U.S.
Department of Education.
Reddy holds a Bachelor of Arts degree in economics from the
University of Michigan and a law degree from Emory University
School of Law. She currently serves on the boards of Living Cities
and Local Initiatives Support Corporation and is on the advisory
board for the California Organized Investment Network.
About Prudential
Prudential Financial, Inc. (NYSE:PRU), a financial services
leader with more than $1 trillion of assets under management as of
March 31, 2017, has operations in the United States, Asia, Europe
and Latin America. Prudential’s diverse and talented employees are
committed to helping individual and institutional customers grow
and protect their wealth through a variety of products and
services, including life insurance, annuities, retirement-related
services, mutual funds and investment management. In the U.S.,
Prudential’s iconic Rock symbol has stood for strength, stability,
expertise and innovation for more than a century. For more
information, please visit news.prudential.com.
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For Prudential Financial, Inc.Discretion Winter,
973-802-6701discretion.winter@prudential.com
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